An electronic component embedded substrate includes: a substrate that includes an insulating layer and has a first principal surface and a second principal surface on the opposite side of the first principal surface; and an electronic component that is embedded in the substrate and has a plurality of first terminals provided close to the first principal surface, a plurality of second terminals provided close to the second principal surface, and a capacity part provided between the plurality of first terminals and the plurality of second terminals. The electronic component is configured such that at least a part of the second terminals is embedded in the insulating layer. An insulating member is provided between the neighboring second terminals to be in contact with both of the neighboring second terminals. The insulating member and the insulating layer are formed of materials whose thermal expansion coefficients are different from each other.