A packaging substrate includes: a dielectric layer unit having top and bottom surfaces; a positioning pad embedded in the bottom surface of the dielectric layer unit; at least a passive element having a plurality of electrode pads disposed on upper and lower surfaces thereof, the passive element being embedded in the dielectric layer unit and corresponding to the positioning pad; a first circuit layer disposed on the top surface of the dielectric layer unit, the first circuit layer having first conductive vias electrically connected to the electrode pads disposed on the upper surface of the passive element; and a second circuit layer disposed on the bottom surface of the dielectric layer unit, the second circuit layer having second conductive vias electrically connected to the electrode pads disposed on the lower surface of the passive element. Through the embedding of the passive element, the overall structure may have a reduced height.