Disclosed herein are a hybrid heat-radiating substrate including a metal core layer; an oxide insulating core layer that is formed in a thickness direction of the metal core layer to have a shape where the oxide insulating core layer is integrally formed with the metal core layer, an oxide insulating layer that is formed on one surface or both surfaces of the metal core layer, and a circuit layer that is configured to include first circuit patterns formed on the oxide insulating core layer and second circuit patterns formed on the oxide insulating layer, and a method of manufacturing the same.