Provided is a module substrate including an inductor that can be made thinner and smaller. A module substrate according to an aspect of the present invention includes a substrate member having a mounting surface on which electronic components are mounted, a magnetic core disposed within the substrate member, and a conductor coil provided in the substrate member and wound around the magnetic core. The module substrate has a configuration in which an inductor is built into the substrate member, which makes it possible to make the overall module substrate smaller and thinner.