In a method of manufacturing a multilayer printed circuit board, a first insulating resin base material is formed. A resin surface of a second insulating resin base material formed by attaching copper foil on a surface of a resin-insulating layer is unified with the first insulating resin base material. A conductor circuit is formed on the second insulating resin base material and a via hole electrically connecting to the conductor circuit. A concave portion is formed from a resin-insulating layer surface in a conductor circuit non-formation area of the first insulating resin base material. A semiconductor element is housed within the concave portion and adhered with an adhesive. A resin-insulating layer is formed by coating the semiconductor element and a via hole.