A molded substrate is provided, including: a release film; and a plurality of phosphor particles formed on the release film, wherein the phosphor particles have gaps therebetween. A method of manufacturing a package structure is also provided, including: disposing at least one light emitting element on a carrier; forming a transparent adhesive layer on a surface of the light emitting element; disposing the molded substrate on the transparent adhesive layer with the phosphor particles disposed between the transparent adhesive layer and the release film; filling the transparent adhesive layer into the gaps of the phosphor particles to form a phosphor layer; and removing the release film, so as to obtain an even phosphor layer.