A multilayer ceramic electronic component includes external terminal electrodes that are formed by depositing metal plating films on exposed portions of internal conductors embedded in a ceramic body, depositing a copper plating films that cover the metal plating films and make contact with the ceramic body around the metal plating films, and heat-treating the ceramic body to generate a copper liquid phase, an oxygen liquid phase, and a copper solid phase between the copper plating films and the ceramic body. The mixed phase including these phases forms a region at which a copper oxide is present in a discontinuous manner inside the copper plating film at least at the interfaces between the ceramic body and the copper plating films. The copper oxide securely attaches the copper plating films to the ceramic body and enhances the bonding force of the external terminal electrodes.