A circuit board structure with chips embedded therein includes a multi-layer board and a power module embedded in the multi-layer board. The power module includes an insulating material, a power unit covered by the insulating material, and a circuit layer disposed on the insulating material. The power unit includes an electrically and thermally conductive carrier and a plurality of power chips. The electrically and thermally conductive carrier includes a transmitting portion and a carrying portion perpendicularly connected to the transmitting portion. Each power chip has a first electrode layer and an opposite second electrode layer. The first electrode layers are fixed on and electrically connected to the carrying portion in parallel, and the power chips are disposed at one side of the transmitting portion. The circuit layer is electrically connected to the electrically and thermally conductive carrier and the second electrode layers.