A printed circuit board having an improved heat radiation performance, and a light-emitting device including the same are provided. The printed circuit board includes a first electrode layer, a first insulation layer disposed on one surface of the first electrode layer, and a second electrode layer disposed on the first insulation layer. The first insulation layer includes a cavity formed through a part thereof. At least a portion of the one surface of the first electrode layer may be exposed to the outside through the cavity.