A nitride-based semiconductor crystal and a second substrate are bonded together. In this state, impact is applied externally to separate the low-dislocation density region of the nitride-based semiconductor crystal along the hydrogen ion-implanted layer, thereby transferring (peeling off) the surface layer part of the low-dislocation density region onto the second substrate. At this time, the lower layer part of the low-dislocation density region stays on the first substrate without being transferred onto the second substrate. The second substrate onto which the surface layer part of the low-dislocation density region has been transferred is defined as a semiconductor substrate available by the manufacturing method of the present invention, and the first substrate on which the lower layer part of the low-dislocation density region stays is reused as a substrate for epitaxial growth.