An electronic device includes a first substrate having a wiring trace, a second substrate having an external terminal, a first electronic component disposed on a first surface of the first substrate, a second electronic component electrically connected to the first electronic component and disposed on a second surface of the first substrate, a mold layer encapsulating the first electronic component, and a conductive member disposed in the mold layer. The conductive member electrically connects the first substrate to the second substrate. A step is formed at an end of the mold layer, and the conductive member is exposed at the step. A distance between the first substrate and the second substrate is smaller than a distance between the first surface of the first substrate and a surface of the first electronic component that is positioned opposite to the first substrate.