A substrate integrated with passive devices and a manufacturing method thereof are provided. The manufacturing method of the substrate integrated with passive devices includes: providing a transparent dielectric layer with first connection vias therein, wherein the transparent dielectric layer includes a first surface and a second surface, which are opposite to each other along a thickness direction of the transparent dielectric layer; integrating the passive devices onto the transparent dielectric layer, wherein the passive devices include at least an inductor, the integrating the passive devices onto the transparent dielectric layer includes: forming first sub-structures on the first surface of the transparent dielectric layer, forming second sub-structures on the second surface, and forming first connection electrodes in the first connection vias, respectively; wherein the first sub-structures, the first connection electrodes and the second sub-structures are connected together to form a coil structure of the inductor.