An electronic component incorporated substrate includes a first substrate and a second substrate electrically connected to each other by a spacer unit. An electronic component is mounted on the first substrate and arranged between the first substrate and the second substrate. A first encapsulating resin is formed between the first substrate and the second substrate to encapsulate the electronic component. A second encapsulating resin is formed on a first surface of the first encapsulating resin to fill a space between the first encapsulating resin and the second substrate. The spacer unit includes a stacked structure of a first solder ball, a metal post, and a second solder ball stacked in a stacking direction of the first substrate and the second substrate.