Provided are a secondary battery that reduces space restriction during the formation of a protective circuit module (PCM) and improves reliability of a positive temperature coefficient (PTC) device and a method of fabricating the secondary battery. The secondary battery includes a battery cell including a cell tab and the PCM. The PCM includes a circuit board, a first terminal, a second terminal, and the PTC device. The circuit board includes an upwardly exposed external terminal. The first terminal is disposed below the circuit board and has one end connected to the cell tab and the extending other end. The second terminal is disposed below the circuit board and has one end connected to the external terminal and the extending other end. The PTC device is disposed between the first terminal and the second terminal and below the circuit board.