A multi-layer printed circuit board including a core substrate, lower interlayer resin insulating layers formed on the surfaces of the core substrate, respectively, through-hole conductors formed in penetrating holes penetrating through the core substrate and the lower interlayer resin insulating layers, conductor circuits formed on the lower interlayer resin insulating layers, respectively, upper interlayer resin insulating layers formed on the conductor circuits and the lower interlayer resin insulating layers, respectively and via hole conductors formed in the upper interlayer resin insulating layers and positioned on the through-hole conductors, respectively.