This invention relates to a multi-layered dielectric element serving as a capacitor or actuator which comprises a dielectric unit (16) including a plurality of dielectric layers (12) made of a perovskite oxide and a plurality of internal electrode layers (14, 14') sandwiched between the respective dielectric layers. The internal electrodes (14, 14') are each made of at least one conductive composite oxide of La, Ba and Cu having a perovskite-like structure wherein the atomic ratios of the metals are such that (La + Ba)/Cu = 1 and La/Ba = 4, or at least one conductive composite oxide of La, Sr and Cu having a perovskite-like structure wherein the atomic ratios of the metals are such that (La + Sr)/Cu = 1 and La/Sr = 3 or 4. The unit is sintered at a temperature of from 900 to 1100°C.