A substrate with an electronic component embedded therein includes a core substrate including an insulating body having a first surface and a second surface, opposite to the first surface, a first wiring layer embedded in the insulating body such that one surface thereof is exposed from the first surface, and a second wiring layer disposed on the insulating body to protrude on the second surface, the core substrate having a cavity penetrating a portion of the insulating body from the first surface toward the second surface and having a stopper layer as a bottom surface thereof; an electronic component disposed on the stopper layer in the cavity; a first insulating material covering at least a portion of each of the core substrate and the electronic component; and a third wiring layer disposed on the first insulating material.