A multilayer ceramic electronic component including: a ceramic body including a dielectric layer and first and second internal electrodes; a first external electrode including a first base electrode disposed to be in contact with the ceramic body and a first conductive layer disposed on the first base electrode; and a second external electrode including a second base electrode disposed to be in contact with the ceramic body and a second conductive layer disposed on the second base electrode, wherein the first conductive layer and the second conductive layer include silver (Ag) and palladium (Pd) and distribution positions of silver (Ag) and palladium (Pd) in central portions of the first conductive layer and the second conductive layer match at 95% or more according to a result of TEM mapping.