A packaging substrate with an embedded photosensitive semiconductor chip and a method for fabricating the same are provided. The method includes the steps of: disposing the semiconductor chip in an through cavity of a core board with the photosensitive portion of the semiconductor chip being exposed from the through cavity; forming a first circuit layer on the core board at a side opposite to the photosensitive portion so as to electrically connect the electrode pads of the semiconductor chip; and forming a light-permeable layer on the core board at the same side with the photosensitive portion via an adhesion layer so as to allow light to penetrate through the light-permeable layer and reach the photosensitive portion of the semiconductor chip. When fabricated by the method, the packaging substrate dispenses with conductive wires and a surrounding dam and thus is efficiently downsized.