A substrate structure with high reflectance includes a base material, a patterned circuit layer, an insulating layer and a metal reflecting layer. The base material includes a first surface and a second surface opposite to the first surface. The patterned circuit layer is disposed on the first surface. The insulating layer covers the patterned circuit layer and a part of the first surface exposed by the patterned circuit layer. The metal reflecting layer covers the insulating layer, and a reflectance of the metal reflecting layer is substantially greater than or equal to 85%. A manufacturing method of a substrate structure with high reflectance is also provided.