A semiconductor package and a method of manufacturing the same are provided. The semiconductor package includes: a substrate having a plurality of conductive lands and a plurality of bonding pads surrounding the conductive lands formed on a surface thereof; a plurality of passive devices mounted on the conductive lands; an insulation layer formed on the surface and having a portion of the passive devices embedded therein; a semiconductor chip mounted on a top surface of the insulation layer; a plurality of bonding wires electrically connecting the semiconductor chip and the bonding pads; an encapsulant formed on the surface of the substrate to encapsulate the insulation layer, the bonding wires and the semiconductor chip, wherein a region of the semiconductor chip projected onto the substrate covers a portion of an outermost one of the passive devices. Therefore, the mounting density of the passive devices is improved.