A semiconductor structure is disclosed. The semiconductor structure includes: a polymer base layer; a backside redistribution layer (RDL) over the polymer base layer; a molding layer over the backside RDL; a polymer layer over the molding layer; a front side RDL over the polymer layer; and a metal-insulator-metal (MIM) capacitor vertically passing through the molding layer, the MIM capacitor including a first electrode, an insulation layer and a second electrode, wherein the insulation layer surrounds the first electrode, and the second electrode surrounds the insulation layer, and the molding layer surrounds the second electrode. An associated method for manufacturing a semiconductor structure is also disclosed.