An embedded component substrate includes: a core layer; a first electrode provided on a top surface of the core layer with a first insulating layer therebetween; and a second electrode provided on a bottom surface of the core layer with a second insulating layer therebetween, wherein a cavity is formed in the embedded component substrate from a top surface thereof to expose the second insulating layer at a bottom of the cavity, wherein a placement region is defined on the bottom of the cavity, for accommodating an electronic component; and wherein the embedded component substrate further includes a pad electrode on a portion of the second insulating layer, exposed by the cavity, surrounding the placement region located on the bottom of the cavity, the pad electrode vertically protruding from a top surface of the exposed second insulating layer upwardly and being configured to electrically connect to the electronic component.