A multilayer electronic component includes first and second frame terminals, and first and second electronic components. The first frame terminal includes a first side frame and a first bottom frame extended from a lower end of the first side frame. The second frame terminal includes a second side frame facing the first side frame and a second bottom frame extended from a lower end of the second side frame. The first electronic component is disposed between the first and second side frames, and the second electronic component is stacked on the first electronic component and disposed between the first and second side frames. Conductive adhesives are provided between the first and second side frames and the first and second electronic components, but a conductive adhesive is not formed between the first and second side frames and portions of the first electronic component close to a mounting surface.