Provided are MIM capacitor and method of manufacturing the same. The MIM capacitor includes a first electrode, a second electrode, a third electrode, a first insulating layer, a second insulating layer, and a first spacer. The first electrode and the third electrode are electrically connected to each other. The first insulating layer is between the first electrode and the second electrode. The second insulating layer is between the second electrode and the third electrode. The first spacer is located between a sidewall of the first electrode and the first insulating layer.