To provide a laminate having a high heat dissipation effect, having no problem such as cracking of an insulating substrate even when a thermal load is applied, and having no void or the like in a metal film, and a method of manufacturing the laminate. A laminate according to the present invention includes an insulating substrate 10, an intermediate layer 50 formed on a surface of the substrate 10 and containing a metal or an alloy as a main component, and a circuit layer 20 that is a metal film formed of a copper powder having a hydrogen content of 0.002% by mass or less and laminated on the intermediate layer 50. In the laminate, an interface between the intermediate layer 50 and the circuit layer 20 is plastically deformed.