We fabricated switch module of ATM(Asynchronous Transfer Mode) exchange system with MCM-C(MultiChip Module Co-fired) technology and measured its electrical characteristics. Green tape was used as substrate and Au/Ag paste was used to form the interconnect layers. The via holes were made by drill and filled with metal paste usign screen method. After manufacturing the substrate, chips and passive components were assembled on the substrate. In electrical test, the module showed the output signal of 46.9MHz synchronized with input signal. In the view of substrate size reduction, the area of MCM switch module was 35% of conventional hybrid switch module.