Disclosed herein are a printed circuit board and a method of manufacturing the same, including: forming a protective layer on which a cover film is stacked on a base substrate; exposing the protective layer on which the cover film is stacked to photosensitize the protective layer and photodegrade the cover film; and developing the photodegraded cover film and the photosensitized protective layer to form an opening exposing a pad unit of a circuit layer which is an outermost layer of the base substrate on the protective layer, whereby the productivity of the printed circuit board can be improved without performing a process of separating a cover film.