A circuit board includes a first substrate, a second substrate, a third substrate, a plurality of conductive structures and a conductive via structure. The second substrate is disposed between the first substrate and the third substrate. The third substrate has an opening and includes a first dielectric layer, a second dielectric layer, and a third dielectric layer. The opening penetrates the first dielectric layer and the second dielectric layer, and the third dielectric layer fully fills the opening. The conductive via structure penetrates the first substrate, the second substrate, the third dielectric layer of the third substrate, and is electrically connected to the first substrate and the third substrate to define a signal path. The first substrate, the second substrate, and the third substrate are electrically connected through the conductive structures to define a ground path, and the ground path surrounds the signal path.