A multilayer varistor of the present disclosure includes a sintered body, a first internal electrode, a second internal electrode, a first external electrode, a second external electrode, and a high-resistance layer. The first internal electrode and the second internal electrode are disposed in the sintered body. The first external electrode is disposed on a surface of the sintered body and is electrically connected to the first internal electrode. The second external electrode is disposed on the surface of the sintered body and is electrically connected to the second internal electrode. The high-resistance layer covers at least part of the surface of the sintered body, and the high-resistance layer has a surface having a plurality of cracks.