A multi-chip structure at least including a first chip, a second chip and a first thermal-conductive layer is provided. The first chip has a first surface and a plurality of first pads disposed on the first surface. The second chip has a second surface facing the first surface and a plurality of second pads disposed on the second surface. The first thermal-conductive layer is disposed between the first chip and the second chip and includes a thermal-conductive area, a plurality of first electrical connection members and a plurality of first dielectric areas. The first electrical connection members disposed in the first thermal-conductive layer are used to electrically connect the first surface and the second surface. The first dielectric areas surround and insulate the first electrical connection members from the thermal-conductive area.