A printed circuit board has a core substrate including a resin substrate having an opening, a capacitor formed in the opening and having a first electrode structure having a portion facing to the upper surface of the core substrate and a second electrode structure having a portion facing to the lower surface of the core substrate, an upper insulating layer formed over the upper surface of the core substrate and having a conductive circuit formed over the upper insulating layer and a via hole electrically connecting the portion of the first electrode structure and the conductive circuit of the upper insulating layer, and a lower insulating layer formed over the lower surface of the core substrate and having a conductive circuit formed over the lower insulating layer and a via hole electrically connecting the portion of the second electrode structure and the conductive circuit of the lower insulating layer.