A multi-layer circuit board, a method of manufacturing the same, and a communication device are provided. As for the multi-layer circuit board, a slot segment is opened on at least one daughter board to form a first daughter board. At least one daughter board and medium layers are stacked together. The daughter boards include first daughter boards. The first daughter boards are placed in such a way that the slot segments of the first daughter boards are communicated. The slot segments are communicated to form a receiving slot. A heat conducting block is placed within the receiving slot. Each medium layer is sandwiched between the daughter boards. The stacked daughter boards, medium layers, and heat conducting block are pressed together, and the pressed daughter boards and heat conducting block are made into a multi-layer circuit board. The heat conducting block is embedded when the circuit board is pressed, thereby simplifying the assembling process of the heat conducting block.