A substrate includes a core substrate; a cavity formed on an upper surface side of the core substrate; a bottom plate of the cavity formed integrally with the core substrate; a through-hole formed in the bottom plate, a component mounting portion formed at a portion of the bottom plate, an electronic component mounted on the component mounting portion so as to be disposed inside the cavity; a first insulating layer formed on an upper surface of the core substrate so as to cover an upper surface of the electronic component; and a second insulating layer formed on a lower surface of the core substrate so as to fill the through-hole and cover a lower surface of the electronic component. The cavity is filled with the first insulating layer and the second insulating layer. The first insulating layer and the second insulating layer are formed of the same insulating resin.