Disclosed is a low-cost resistive paste which enables to obtain a resistive element excellent in moisture resistance characteristics and TCR characteristics. Also disclosed is a variable resistor using such a resistive paste. Specifically disclosed is a resistive paste composed of a carbon conductive powder and a substituted monovalent phenol resin. Also specifically disclosed is a variable resistor comprising a substrate (1) whose upper surface is provided with a resistive element (5), a fixed side terminal and a variable side terminal formed on the substrate (1), and a slider (6) slidably arranged on the substrate and having a contact point which is in sliding contact with the resistive element. In this variable resistor, the resistive element (5) is formed by using the above-described resistive paste.