There are provided a multilayer electronic component and a board having the same. The multilayer electronic component includes: a capacitor body; external electrodes including band portions and connected portions; connection terminals formed of insulators and disposed on the band portions; and insulating portions disposed on at least some circumferential surfaces of the connection terminals. The connection terminals include conductive patterns formed on surfaces thereof facing the band portions and surfaces thereof opposing the surfaces, cut portions are formed in some the circumferential surfaces connecting between the conductive patterns facing each other, connection patterns are formed on the cut portions to electrically connect between the conductive patterns facing each other, and theinsulating portions are disposed so as not to cover the cut portions.