Disclosed herein are a printed circuit board with embedded capacitors therein and a process for manufacturing the printed circuit board. The embedded capacitors are formed by applying a photosensitive insulating resin to a printed circuit board inner layer, and applying a high dielectric polymer capacitor paste thereto. The process for manufacturing a printed circuit board with embedded capacitors therein comprises the steps of: i) laminating photo resist dry films to a copper clad FR-4, exposing to light and developing the dry films, and etching copper foils of the copper clad FR-4 to form bottom electrodes for forming capacitors; ii) applying a photosensitive insulating resin to the surfaces of the bottom electrodes, and exposing to light and developing to etch the photosensitive insulating resin; iii) applying a capacitor paste to the etched regions and curing the capacitor paste; iv) plating the upper regions of the cured capacitor paste and the photosensitive insulating resin using an electroless copper plating process to form copper foil layers for top electrodes; v) laminating photosensitive dry films to the copper foil layers for top electrodes, and exposing to light and developing the photosensitive dry films to etch regions of the dry films except for the copper foil layers where the top electrodes are to be formed; and vi) etching the regions of the dry films except for the copper foil layers where the top electrodes are to be formed, and the dry films formed on the top electrodes are removed so that the capacitor paste is discretely positioned between the top electrodes and the bottom electrodes to form discrete capacitors.