A method of manufacturing a printed circuit board includes forming an intermediate layer on a first conductive layer disposed on a first insulating layer, forming a second conductive layer and a second insulating layer on the intermediate layer, separating the first insulating layer from at least one portion of the first conductive layer, and etching the first conductive layer and the intermediate layer. After the etching, a surface of the second conductive layer protrudes further than a surface of the second insulating layer. The intermediate layer before the etching includes a portion overlapping the second conductive layer in a vertical direction and another portion not overlapping the second conductive layer in the vertical direction.