A thermal conductivity substrate including a metal substrate, a metal layer, an insulating layer, a plurality of conductive structures, a first conductive layer and a second conductive layer is provided. The metal layer is disposed on the metal substrate and entirely covers the metal substrate. The insulating layer is disposed on the metal layer. The conductive structures are embedded in the insulating layer and connected to a portion of the metal layer. The first conductive layer is disposed on the insulating layer. The second conductive layer is disposed on the first conductive layer and the conductive structures. The second conductive layer is electrically connected to a portion of the metal layer through the conductive structures. The second conductive layer and the conductive structures are integrally formed.