The present invention relates to a packaging substrate and a method for manufacturing the same. The packaging substrate comprises: a substrate body, wherein a surface thereof has a circuit layer comprising a plurality of circuits and a plurality of conductive pads, and the conductive pads are higher than the circuits; and an insulating protection layer disposed on the surface of the substrate body, wherein the insulating protection layer has a plurality of openings exposing the conductive pads, and the size of the openings is larger than or equal to that of the conductive pads. Accordingly, the packaging substrate structure of the present invention can be employed in a flip-chip packaging structure of fine-pitch.