A package carrier includes a substrate, at least one heat conducting element, an insulating material, a first patterned circuit layer and a second patterned circuit layer. The substrate has an upper surface, a lower surface and a through hole. The heat conducting element is disposed inside the through hole and has a first surface and a second surface. The insulating material has a top surface, a bottom surface and at least one cavity extending from the top surface to the heat conducting element. The heat conducting element is fixed in the through hole by the insulating material, and the cavity exposes a portion of the first surface of the heat conducting element. The first patterned circuit layer is disposed on the upper surface and the top surface, and the second patterned circuit layer is disposed on the lower surface and the bottom surface.