A multilayer capacitor includes: a body including a stack structure in which a first internal electrode and a second internal electrode are stacked on each other interposing a dielectric layer therebetween; and first and second external electrodes disposed on the body to be respectively connected to the first internal electrode and the second internal electrode. One of the first internal electrode and the second internal electrode includes a recess portion disposed in one surface thereof, and providing a deviation in a distance between the first and second internal electrodes, TD indicates a thickness of a portion of the dielectric layer, based on a portion positioned on the one surface and not in the recess portion, TR indicates a recession depth of a portion positioned on the one surface and recessed by the recess portion, and (TR/TD) is greater than zero and less than (½).