A hybrid circuit board includes a multi-layer board and two stacked layers respectively formed on two opposite sides of the multi-layer board. The multi-layer board includes two core layers and a connection layer connected between the two core layers. Each of the two core layers includes a substrate and a conductor embedded in the substrate. One of the two substrates is a ceramic substrate, and another one of the two substrates is one of a ceramic substrate, a glass substrate, and a copper foil substrate. Each of the conductors has an internal connection surface that is coplanar with a surface of the corresponding substrate. The connection layer includes an insulating layer sandwiched between the two substrates and a conductive paste embedded in the insulating layer. The conductive paste connects and is sintered to the internal connection surfaces of the two core layers.