A novel, integrated approach in thermal management of electronic products, based on two-phase cooling, is presented. A flat miniature heat pipe, integrated inside the laminated structure of a printed circuit board (PCB) has been developed, based on mainstream PCB fabrication processes. Hot spots on the PCB, caused by heat dissipating components, can be cooled with relatively small temperature gradients across the board. Experimental verification has shown successful heat pipe operation. The results show an equivalent thermal conductivity 11 times better compared to solid copper. The low thermal resistance values establish this concept as a promising thermal management solution for future electronic products.