A multilayer electronic component includes a capacitor body including a plurality of dielectric layers and a plurality of first and second internal electrodes alternately disposed with respective dielectric layers interposed therebetween. One end of each of the first and second internal electrodes extends, respectively, to a third or fourth surface of the capacitor body. First and second external electrodes respectively include first and second connected portions disposed on the third and fourth surfaces, and first and second band portions respectively extended from the first and second connected portions to portions of a first surface of the capacitor body. A first connection terminal is disposed on the first band portion to provide a first solder accommodating portion, and a second connection terminal is disposed on the second band portion to provide a second solder accommodating portion.