A laminated body of a component incorporating substrate includes insulating base members. First and second mounting terminals of a first electronic component abut on a conductor-less surface of a first insulating base member. A first interlayer connection conductor in the first insulating base member connects the first mounting terminal to a conductor pattern. Third and fourth mounting terminals of a second electronic component abut on a conductor-less surface of a second insulating base member. A second interlayer connection conductor in the second insulating base member connects the third mounting terminal to a conductor pattern that abuts a conductor pattern of the first insulating base member which faces toward the second insulating base member, and the conductor pattern of the second insulating base member faces toward the first insulating base member in a lamination direction.