A multi-chip module comprises a first package and at least a second package. The first package includes a substrate, at least a first chip, an encapsulant, and a plurality of solder balls. The substrate has an upper surface, a lower surface, and at least an opening. The first chip is disposed on the upper surface of the substrate and is electrically connected to the substrate. The encapsulant is formed on the upper surface of the substrate to seal the first chip. In addition, the solder balls are placed on the lower surface of the substrate. The second package is embedded in the opening of the substrate of the first package. The second package includes a plurality of electrical terminals which are exposed out of the first package to be similar to the solder balls for external connection. Accordingly, the solder balls and the electrical terminals can be used as SMT connection terminals of the multi-chip module.