A multilayer substrate includes a stacked body including a principal surface and insulating base material layers made of a thermoplastic resin that are stacked, and a coil including coil conductors. The coil includes a winding axis in a stacking direction. The coil conductors includes a first coil conductor closest to the principal surface, and a second coil conductor adjacent to or in a vicinity of the first coil conductor. The second coil conductor includes a wide portion of which a line width is larger than a line width of the first coil conductor. The wide portion includes an overlapping portion that overlaps with the first coil conductor, and a non-overlapping portion that does not overlap with the first coil conductor, when viewed from the stacking direction. The non-overlapping portion is curved to be closer to the principal surface than to the overlapping portion.