An adjustable resistor embedded in a multi-layered substrate and method for forming the same. The adjustable resistor comprises: a planar resistor, having a plurality of terminals; and a plurality of connecting lines connected to the planar resistor, each of the connecting lines being drawn from each of the terminals of the planar resistor so as to form a resistor network, wherein the connecting lines are selectively broken by a process for drilling the substrate to form a number of combinations of opened connecting lines such that the resistance value of the adjustable resistor is varied and thus the resistance value of the adjustable resistor can be precisely adjusted.