An object is to provide a metal-clad laminated board applicable for a printed wiring board capable of readily dissipating heat and superior in thermal conduction, and further, the printed wiring board substrate overlaid with a lead frame having the same characteristics as the metal-clad laminated board. To attain the aforesaid object, the printed wiring board of the invention has the carbon-base substrate overlaid with metal foil or lead frame through an insulating bonding layer. Thus, in a case of using the metal foil, the printed wiring board is formed in a metal-clad laminated board, and in a case of using the lead frame, the printed wiring board is formed in a lead frame laminated board.