Disclosed is an embedded printed circuit board, in which electronic devices having different thicknesses can be embedded together, thus achieving highly dense electronic devices, and when electronic devices having considerably different thicknesses are embedded, two electronic devices which are comparatively thinner can be embedded in a perpendicular direction, thus reducing an embedding area and suppressing warping of the printed circuit board, and an insulating member the thickness of which is variably adjusted is interposed between base substrates, so that spaces between the electronic devices are completely filled therewith, thus solving the problem of void defects, resulting in reliable printed circuit boards, and, when a base substrate includes a core made of metal, the printed circuit board can less warp. Also a method of manufacturing the embedded printed circuit board is provided.