A packaging substrate includes: a substrate having a core layer, a cavity penetrating the core layer and circuit layers formed on surfaces of the core layer; a first capacitor disposed in the cavity; a bonding layer formed on the first capacitor in the cavity of the substrate; a second capacitor disposed on the bonding layer so as to be received in the cavity; and a dielectric layer formed on the substrate and in the cavity for covering the first and second capacitors. By stacking the first and second capacitors in the cavity through the bonding layer, the single core layer is embedded with two layers of the capacitors to thereby meet the multi-function requirement.