A multi-layer printed circuit board and a method of manufacturing the multi-layer printed circuit board using a metal substrate as a core member and having an electronic component embedded in the metal substrate, the method including anodizing the metal substrate such that an anodic oxide layer is formed on upper and lower sides of the metal substrate, respectively; forming an inner layer circuit on upper and lower anodic oxide layers, respectively; etching the metal substrate to form a cavity in correspondence with a position where the electronic component is to be embedded; mounting the electronic component in the cavity with a chip bond adhesive; and forming an outer layer circuit on upper and lower sides of the metal substrate, respectively, such that a multi-layer circuit is formed.