A multilayer ceramic electronic component including thin external terminal electrodes each having a superior bonding force to a ceramic base body is provided. In order to form the external terminal electrodes, after Cu plating films are deposited on exposed portions of internal electrodes by direct plating on a ceramic base body, a Cu liquid phase, an O2-containing liquid phase, and a Cu solid phase are generated between the Cu plating film and the ceramic base body by a heat treatment, so that Cu oxides are dispersed in the Cu plating film, at least near an interface with the ceramic base body. Since the Cu oxides function as an adhesive, a bonding force of the Cu plating film to the ceramic base body can be increased, and hence the external terminal electrode having a superior bonding force to the ceramic base body can be obtained.