Embodiments of the invention provide a heat dissipating substrate, including: a heat dissipating circuit layer formed of an electrolytic invar layer including an invar layer and electrolytic copper plating layers formed on both sides of the invar layer; insulation layers formed on both sides of the heat dissipating circuit layer such that the heat dissipating circuit layer is interposed between the insulation layers; first and second circuit layers formed on the insulation layers; and a first bump connecting the heat dissipating circuit layer with the first circuit layer and a second bump connecting the heat dissipating circuit layer with the second circuit layer. The heat dissipating substrate exhibits excellent heat dissipation efficiency and can be made thin.