The invention discloses an LCP packaging substrate with a built-in passive resistance-capacitance element and a manufacturing method. The LCP packaging substrate comprises a thin film resistor-capacitor,an LCP substrate base plate, at least one LCP substrate transition sheet, at least two LCP substrate bonding sheets, and an LCP substrate cover plate, wherein theLCP substrate bottom plate, theLCPsubstrate bonding sheet, theLCP substrate transition sheet, thethin film resistor-capacitor, theLCP substrate bonding sheet and theLCP substrate cover plate are laminated and packaged twice in sequence, one LCP substrate bonding sheet is located between two LCP substrates, and electrodes of the thin film resistor-capacitor are led out through surface layer electrode electroplating copper columns.The high-precision and high-stability thin-film resistor and the thin-film capacitor are buried in the LCP packaging substrate in a multi-layer laminated packaging mode, the thin-film resistor-capacitors can be flexibly buried among multiple layers according to the size design, the surface utilization rate of the LCP substrate is greatly increased, and the substrate assembly density is improved.