The multilayer substrate includes: a plurality of dielectric layers stacked on one another; a first conductor pattern 20 which is disposed along a principal surface 12a of a dielectric layer 12 and which is electrically connected to a ground; and second conductor patterns 22 and 24 which are disposed along the principal surface of a dielectric layer and which are opposed to the first conductor pattern 20 only through the dielectric layers therebetween, the second conductor patterns 22 and 24 forming inductor elements. Only the dielectric layers that sandwich the first conductor pattern 20 therebetween are bonded to each other via openings 20a through 20h formed in the first conductor pattern 20. As viewed from the stacking direction, the second conductor patterns substantially entirely overlap a portion other than the openings 20a through 20h in the first conductor pattern 20.