There are provided a conductive paste for an external electrode, a multilayer ceramic electronic component using the same, and a method of manufacturing the same. More particularly, there are provided a conductive paste for an external electrode including: a conductive metal powder; and a spherical glass frit having an average particle size of 0.05 to 3.0 μm, a multilayer ceramic electronic component using the same, and a method of manufacturing the same. According to the present invention, a spherical glass frit having fine particles may be applied at the time of preparing the conductive paste for an external electrode, thereby realizing external electrodes having excellent compactness at a low temperature and suppressing the occurrence of cracks, and thus, a multilayer ceramic electronic component having excellent reliability can be implemented.