A circuit board with inbuilt heat dissipating structure includes a stacked structure and the heat dissipation structure. The stacked structure includes first and second copper layers and a cover plate. The embedded heat dissipation structure includes a base body, a thermally conductive adhesive, and a phase changing liquid. The base body penetrates the first copper layer and the first substrate layer, is connected to the second copper layer, and defines grooves. The grooves contain the phase changing liquid. The thermally conductive adhesive seals the ends of the grooves and the cover plate is located on a surface of the stacked structure and covers the thermally conductive adhesive. A method for manufacturing the circuit board is further disclosed.