The present invention relates to a printed circuit board having an improved heat radiation performance, and a light-emitting device including the same. A printed circuit board according to an embodiment of the present invention comprises: a first electrode layer, a first insulation layer disposed on one surface of the first electrode layer, the first insulation layer including at least a cavity formed through a part thereof; and a second electrode layer disposed on the first insulation layer, wherein at least a part of the one surface of the first electrode layer can be exposed to the outside through the cavity.