A process for producing zinc oxide varistors is to perform the doping of zinc oxide and the sintering of zinc oxide grains with a high-impedance sintering material through two independent procedures, so that the doped zinc oxide and the high-impedance sintering material are well mixed in a predetermined ratio and then used to make the zinc oxide varistors through conventional technology by low-temperature sintering (lower than 900° C.); the resultant zinc oxide varistors may use pure silver as inner electrode and particularly possess one or more of varistor properties, thermistor properties, capacitor properties, inductor properties, piezoelectricity and magnetism.