A circuit board with improved heat dissipation function and a method for manufacturing the circuit board are provided. The circuit board includes a heat dissipation substrate, an insulating layer on the heat dissipation substrate, an electronic component, a base layer on the insulating layer, and a circuit layer on the base layer. The heat dissipation substrate includes a phase change structure and a heat conductive layer wrapping the phase change structure. The heat dissipation substrate defines a first through hole. The insulating layer defines a groove for receiving the electronic component. A second through hole is defined in the circuit layer, the base layer, and the insulating layer. A bottom of the second through hole corresponds to the heat conductive layer. A heat conductive portion is disposed in the second through hole.