The object of the invention is to provide a method of forming an external electrode of an electronic component whereby the external electrode can be formed in a stable fashion. In order to achieve this object, a method of fonning an external electrode according to the present invention includes: a step of forming an electrode portion 301a on a side face 30a of a chip 30 constituting an electronic component by applying a conductive paste 20 from a direction facing this side face 30a; a step of forming an electrode portion 301b on a side face 30b of the chip 30 facing the side face 30a by applying the conductive paste 20 from a direction facing this side face 30b; a step of forming an electrode portion 301c so as to connect the electrode portion 301a and electrode portion 301b on the bottom face of the chip 30 respectively adjacent to the side face 30a and the side face 30b; and a step of forming an external electrode 301 comprising the electrode portion 301a, electrode portion 301b and electrode portion 301c by drying this chip 30.