A multilayer capacitor includes a body including a stack structure in which a plurality of dielectric layers are stacked and a plurality of internal electrodes are stacked with the dielectric layers interposed therebetween, external electrodes formed on an external surface of the body to be connected to the internal electrodes, and including a first electrode layer covering a first surface of the body to which the internal electrodes are exposed, and a second electrode layer covering the first electrode layer, a first metal oxide layer disposed between the first and second electrode layers and having a discontinuous region, and a second metal oxide layer covering at least a portion of a surface of the body on which the external electrodes are not disposed and having a multilayer structure.