A laminated structure having an electrode hard to peel off and a method of manufacturing the laminated structure. The laminated structure has: a backing substrate; a lower electrode including an adhesive layer containing a metal oxide and a conductive layer formed on the backing substrate with the adhesive layer therebetween; a dielectric layer disposed on the lower electrode; and an upper electrode disposed on the dielectric layer. Further, the method includes the steps of: (a) disposing a lower electrode by forming a conductive layer on a backing substrate with an adhesive layer containing a metal oxide therebetween; (b) disposing a dielectric layer by spraying powder of a dielectric material to the lower electrode for deposition; (c) heat-treating the dielectric layer; and (d) forming an upper electrode on the dielectric layer before or after step (c).