A heat dissipation substrate includes a substrate, a heat conducting element, an insulating filling material, a first circuit layer, and a second circuit layer. The substrate has a first surface, a second surface opposite the first surface, and a through groove communicating the first surface with the second surface. The heat conducting element is disposed in the through groove. The heat conducting element includes an insulating material layer and at least one metal layer. The insulating filling material is filled in the through groove for fixing the heat conducting element into the through groove. The first circuit layer is disposed on the first surface of the substrate and exposes a portion of the heat conducting element. The second circuit layer is disposed on the second surface of the substrate. The first circuit layer and the metal layer are respectively disposed on two opposite sides of the insulating material layer.