A power module and a carrier board are disclosed. The carrier board includes a circuit board body and a prefabricated substrate. The circuit board body includes a wiring layer. The prefabricated substrate is embedded in the circuit board body and includes an insulation layer and a metal layer, the metal layer is disposed on the insulation layer. The insulation layer is formed by a ceramic material. The metal layer is connected to the insulation layer through a sintering process. A surface of the insulation layer, which has contact with the at least one metal layer, has at least a part exposed outside of the at least one metal layer, the part of the insulation layer exposed to the outside of the at least one metal layer is an outer edge portion, and the outer edge portion is extended into the circuit board body along a horizontal direction.