Disclosed herein are a heat-radiating substrate and a method of manufacturing the same. The heat-radiating substrate includes: a base substrate with a heat sink, having a groove; an insulating layer formed on the base substrate by performing anodization thereon; and a circuit layer formed on the insulating layer, whereby the heat-radiating substrate with the heat-sink, made of metal material, is manufactured, thereby making it possible to protect devices weak against heat and thus solve the problem in view of reduced life span and degraded reliability.