The disclosure provides a circuit board assembly, which includes a core layer, an electronic component, a first shielding ring wall, a second shielding ring wall, a first circuit layer, a second circuit layer, a first insulating layer and first shielding columns. The core layer includes an accommodating space, and the accommodating space has an inner side wall. The first shielding ring wall is disposed in the accommodating space and covers the inner side wall, in which the first shielding ring wall surrounds the electronic component. The second shielding ring wall is disposed in the core layer and surrounds the first shielding ring wall. The core layer is disposed between the first circuit layer and the second circuit layer. The second circuit layer is disposed between the first insulating layer and the core layer. The first shielding columns are disposed in the first insulating layer.