Disclosed is a heat-dissipating substrate, which includes a base substrate including a metal layer, an insulating layer formed on one surface of the metal layer, and a circuit layer formed on the insulating layer, a heat sink layer formed on the other surface of the metal layer, a connector for connecting the base substrate and the heat sink layer to each other, an opening formed in a direction of thickness of the base substrate and into which the connector is inserted, and an anodized layer formed on either or both of the other surface and a lateral surface of the metal layer, and in which the metal layer and the heat sink layer are insulated from each other by means of the anodized layer, thus preventing transfer of static electricity or voltage shock to the metal layer. A method of manufacturing the heat-dissipating substrate is also provided.