A package structure including an integrated fan-out package and plurality of conductive terminals is provided. The integrated fan-out package includes an integrated circuit component, a plurality of conductive through vias, an insulating encapsulation having a first surface and a second surface opposite to the first surface, and a redistribution circuit structure. The insulating encapsulation laterally encapsulates the conductive through vias and the integrated circuit component. Each of conductive through vias includes a protruding portion accessibly revealed by the insulating encapsulation. The redistribution circuit structure is electrically connected to the integrated circuit component and covers the first surface of the insulating encapsulation and the integrated circuit component. The conductive terminals are disposed on and electrically connected to the protruding portions of the conductive through vias, and a plurality of intermetallic compound caps are formed between the conductive terminals and the protruding portions.