A printed circuit board (PCB) with a heat dissipation element, a method for manufacturing the PCB, and a semiconductor package using the PCB dissipates heat generated from the semiconductor chip and reduces a printed circuit board height. The PCB includes a heat sink panel, an alloy panel attached to one surface of the heat sink panel serving to ground and to dissipate heat, a circuit pattern layer having via holes formed on one surface of the alloy panel and electrically coupled to the alloy panel, and a cavity formed by perforating the circuit pattern layer and the alloy panel. A semiconductor chip is on the heat sink panel in the cavity and electrically coupled to the circuit pattern layer. The alloy panels with the circuit patterns can be manufactured in pairs with an insulation carrier therebetween. A plurality of dissipation protrusions can be formed on the surface of the alloy panel or the surface of the heat sink panel to couple the same.