The present invention aims to achieve a Pb-free protection element by using a layered body including a high melting point metal layer and a low melting point metal layer. A protection element includes an insulating substrate, a heating body, an insulating member, two electrodes, a heating body extraction electrode, and a fusible conductor. Furthermore, the fusible conductor includes a layered body including at least a high melting point metal layer and a low melting point metal layer, and the low melting point metal layer is melted by a heat generated by the heating body, whereby, while eroding the high melting point metal layer, the low melting point metal layer is drawn close to the side of the two electrodes and the heating body extraction electrode, and fused, the two electrodes and the heating body extraction electrode each having high wettability for the low melting point metal layer.