A semiconductor substrate including a carrier, a first conductive layer and a second conductive layer is disclosed. The carrier has a first surface, a second surface, and a concave portion used for receiving a semiconductor element. The first conductive layer is embedded in the first surface and forms a plurality of electric-isolated package traces. The second conductive layer is embedded in the second surface and electrically connected to the first conductive layer. The semiconductor substrate can be applied to a semiconductor package for carrying a semiconductor chip, and combined with a filling structure for fixing the chip. Furthermore, a plurality of the semiconductor substrates can be stacked and connected via adhesive layers, so as to form a semiconductor device with a complicated structure.