A laminated body of the present invention includes a resin layer in which a core portion composed of a fiber base member having a thickness of 25 μm or less is embedded, the resin layer having two surfaces, and the resin layer through which at least one via-hole is adapted to be formed, and a metal layer bonded to at least one of the two surfaces of the resin layer, and the metal layer having at least one opening portion provided so as to correspond to the via-hole to be formed. Further, a method of manufacturing a substrate of the present invention includes preparing the above laminated body, forming the via-hole so as to pass through the resin layer by irradiating a laser beam onto the resin layer, and removing the metal layer from the resin layer after the via-hole is formed. Further, a substrate of the present invention is manufactured by using the above method. Furthermore, a semiconductor device of the present invention includes the above substrate, and a semiconductor element mounted on the substrate.