A substrate having an electronic component embedded therein includes a core structure including a first insulating body and core wiring layers and having a cavity penetrating through a portion of the first insulating body, an electronic component disposed in the cavity, an insulating material covering at least a portion of each of the core structure and the electronic component and disposed in at least a portion of the cavity, a wiring layer disposed on the insulating material, and a build-up structure disposed on the insulating material and including a second insulating body and a build-up wiring layer. A material of the first insulating body has a coefficient of thermal expansion (CTE) less than a CTE of the second insulating body, and the insulating material has a CTE less than a CTE of a material of the second insulating body.