A heat dissipation substrate structure includes a multilayer circuit board including a core board and build-up boards, a heat conduction layer, a cavity structure, bonding pads, and vias. The heat conduction layer is disposed within the core board, or on a surface of the core board, or on a surface of one of the build-up boards. The cavity structure is in the multilayer circuit board with respect to the heat conduction layer and exposes a first surface of the heat conduction layer. The bonding pads are on the surface of the multilayer circuit board at a side of a second surface of the heat conduction layer. The portions of the vias are connected to portions of the bonding pads and the heat conduction layer. Accordingly, heat flow can be distributed via a heat dissipation path from the bonding pads through the vias to the heat conduction layer.