A multilayer capacitor includes a capacitor body including a dielectric layer and first and second internal electrodes; first and second external electrodes; and an insulator disposed on a first surface of the capacitor body. The capacitor body includes an active region in which first and second internal electrodes overlap each other in a first direction, and upper and lower covers disposed above and below the active region in the first direction. A length of the active region in the second direction is defined as ‘La’, a length of one margin of the capacitor body in the second direction is defined as ‘Lm’, a height of the active region in the first direction is defined as ‘Ta’, a thickness of the lower cover of the capacitor body is defined as ‘Tc’, and a thickness of the insulator is defined as ‘Te’. A relative displacement index, ((La/Lm)−(Ta/Tc))/Te)2, ranges from 0.003 to 0.055.