An electronic component comprises an element body, and a terminal electrode disposed on the element body. The terminal electrode has a first electrode layer, a second electrode layer, and a third electrode layer. The first electrode layer is formed on an external surface of the element body and formed by baking of a conductive paste. The second electrode layer is formed by Ni plating on the first electrode layer. The third electrode layer is formed by Sn plating or Sn alloy plating on the second electrode layer. A thickness of the second electrode layer is set in a range of not less than 5 μm, and less than 8 μm.