The present disclosure provides a substrate structure. The substrate structure includes an interconnection structure, a dielectric layer on the interconnection structure, an electronic component embedded in the dielectric layer, and a first conductive via penetrating through the dielectric layer and disposed adjacent to the electronic component. The interconnection structure includes a carrier having a first surface and a second surface opposite to the first surface, a first conductive layer disposed on the first surface of the carrier, and a second conductive layer disposed on the second surface of the carrier. The first conductive via and at least one of the first conductive layer and the second conductive layer define a first shielding structure surrounding the electronic component. A method of manufacturing a substrate structure is also disclosed.