A circuit board is disclosed. In addition to insulating layers, the circuit board includes a structure for heat transfer that includes a first layer that is formed of graphite or graphene, a second layer that is formed of metallic material and disposed on one surface of the first layer, and a third layer that is formed of metallic material and disposed on the other surface of the first layer, and at least a portion of the structure for heat transfer is inserted into an insulation layer. Such a circuit board provides improved heat management. Also disclosed is a method of manufacturing the circuit board.