A metal substrate includes a first insulating substrate, a second insulating substrate, a first metal layer, a second metal layer and a release layer. The first insulating substrate has a first modified surface and a second surface opposite to the first modified surface. The first metal layer faces the second surface. The release layer is bonded on the first modified surface. The second insulating substrate is bonded on a side of the release layer, such that the release layer is between the first modified surface and the second insulating substrate. The second metal layer is disposed on a side of the second insulating substrate, such that the second insulating substrate is between the release layer and the second metal layer. An original surface roughness of the first modified surface has a variation substantially less than 10% after the first modified surface is released from the release layer.