A circuit board and a method of manufacturing the same are provided. The circuit board includes: a multilayer board in which a plurality of conductive layers with desired patterns formed therein, and a plurality of insulating layers are stacked; a plurality of through holes penetrating the multilayer board; cylindrical recesses each formed around a through hole corresponding thereto, having a diameter larger than that of the through hole, having a depth from an outermost surface of the insulating layer to a surface of the conductive layer for electrical connection, and partially exposing the surface of the predetermined conductive layer; and a plurality of conductive terminals fitted into the through holes.