A circuit board with high light reflectivity includes an inner wiring base board, a base board with a high light reflectivity, a first insulation layer, a first conductor layer, and a second insulation layer. A first opening in the inner wiring base board receives the base board. The first insulation layer is stacked on a surface of the inner wiring base board and defines a second opening corresponding in position to the first opening and exposing a portion of the base board. The first conductor layer is on a surface of the first insulation layer away from the inner wiring base board and includes connecting pads on the base board. The second insulation layer and the second conductor are stacked in that order on another surface of the inner wiring base board. A method for manufacturing the circuit board is also disclosed.