A manufacturing method of circuit board structure with chip embedded therein includes a multi-layer board and at least one 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 formed on a surface of 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 has a transmitting portion and a carrying portion perpendicularly connected to the transmitting portion. Each power chip has a first electrode layer and a second electrode layer respectively arranged on two opposite sides thereof. The first electrode layers are fixed on the carrying portion, and are electrically connected to the carrying portion in parallel. The power chips are arranged at one side of the transmitting portion. The circuit layer is electrically connected to the electrically and thermally conductive carriers and the second electrode layers of the power chips, such that the power module can be used to test each power chip via the circuit layer and the electrically and thermally conductive carrier.