A multi-layer circuit board having a connector portion of an inner layer substrate being exposed, the multi-layer circuit board comprising: an inner layer substrate in which an inner layer circuit is formed, the inner layer circuit including the connector portion; and an outer layer substrate having an outer layer circuit formed on an insulating layer and having a region corresponding to the connector portion peeled off, an inner layer circuit side of the inner layer substrate and an insulating layer side of the outer layer substrate being adhered to one another via an adhesive layer so as to face one another, and a conductor layer other than the connector portion of the inner layer circuit being adhered to the outer layer substrate directly by the adhesive layer.