Abstract: Provided are a thermal conductive substrate having high thermal conductivity, which dissipates heat through as small as possible area thereof, and a method of manufacturing the thermal conductive substrate. The thermal conductive substrate includes a lower heat sink layer, a thermal conductive layer including thermal conductors formed to contact the lower heat sink layer, and an insulating adhesive portion filled between the thermal conductors, and an upper layer formed on the thermal conductor, wherein the upper layer contacts the thermal conductor so as to dissipate heat to the lower heat sink layer.