A laminated varistor includes a varistor layer, a first internal electrode provided on an upper surface of the varistor layer, a second internal electrode provided on a lower surface of the varistor layer and facing the first internal electrode across the varistor layer in upward and downward directions, a first external electrode provided on a first side surface of the varistor layer and electrically connected to the first internal electrode, and a second external electrode provided on a second side surface of the varistor layer and electrically connected to the second internal electrode. The first internal electrode is extended from the first external electrode in a first extension direction. The first internal electrode includes first electrode strips arranged in a first arrangement direction perpendicular to the first extension direction and spaced apart from one another. This laminated varistor has improved surge-resistant characteristics.