There are provided a package board, a method of manufacturing the same, and a semiconductor package using the same. According to an exemplary embodiment of the present disclosure, the package substrate may include: an insulating layer; a circuit layer formed on and beneath the insulating layer; a capacitor formed in the insulating layer and including an upper electrode, a lower electrode, and a dielectric layer formed between the upper electrode and the lower electrode; and a via connecting the circuit layer to the upper electrode and the lower electrode.