A method for manufacturing a printed circuit board with a capacitor embedded therein which has a dielectric film using laser lift off, and a capacitor manufactured thereby. In the method, a dielectric film is formed on a transparent substrate and heat-treated. A first conductive layer is formed on the heat-treated dielectric film. A laser beam is irradiated onto a stack formed, from below the transparent substrate, to separate the transparent substrate from the stack. After the transparent substrate is separated from the stack, a second conductive layer is formed with a predetermined pattern on the dielectric film. Also, an insulating layer and a third conductive layer are formed on the first and second conductive layers to alternate with each other in a predetermined number.