A multi-layer printed circuit board including a first insulating layer, a first conductor layer having conductor circuits on one surface of the first insulating layer, a second conductor layer having conductor circuits on the opposite surface of the first insulating layer, a second insulating layer on the second conductor and first insulating layers, and a third conductor layer having conductor circuits on the second insulating layer on the opposite side of the second conductor layer. The first and second insulating layers have first and second via holes which are formed in openings of the first and second insulating layers and made of conductive materials filled to the top of the openings such that conductor circuits in the first and third conductor layers are connected to one or more conductor circuits in the second conductor layer, and the first and second via holes are tapering toward the second conductor layer.