A process for producing a ceramic multilayer substrate, particularly an LTCC substrate, in which printed circuit traces and plated contactings are produced in a printing process on a plurality of green ceramic foils using a conductive paste which contains a wax as a printing carrier and is free of highly volatile solvents, and the green ceramic foils subsequently being arranged in a stack one upon the other and fired. The otherwise customary, time-consuming drying of the green ceramic foils for the vaporization of the utilized solvent is eliminated. The foils can be stacked and fired immediately after the printing of the printed circuit traces and plated contactings. Furthermore, shrinkage of the printed circuit traces and the green ceramic foils before the firing is avoided, thereby decisively improving the precision of the produced ceramic multilayer substrates.