To provide a method of manufacturing a multilayered ceramic substrate in which combustion or sublimation of an organic material in a baking step is satisfactorily carried out, warpage or crack of the substrate does not occur, and occurrence of delamination is suppressed.

A green composite laminated body 11 is formed by holding both upper and lower main surfaces of a green multilayered ceramic substrate 13 containing ceramic insulating material powder between shrinkage suppressing layers 14 containing inorganic material powder which is not sintered at a sintering temperature of the ceramic insulating material powder. Notched grooves 15 are formed at least on one main surface of the green composite laminated body 11 in a depth not to penetrate the shrinkage suppressing layer 14 and not to reach the green multilayer ceramic substrate 13. After the green composite laminated body 11 provided with the notched grooves 15 is baked under a condition that the inorganic material powder is not sintered though the ceramic insulating material powder is sintered, the unsintered insulating suppressing layers 14 arranged on the upper and lower surfaces of the multilayered ceramic substrate 13 are removed from the multilayered ceramic substrate 13.