A multilayer varistor according to the present disclosure includes a sintered compact, at least one pair of internal electrodes, and at least one pair of external electrodes. The sintered compact contains at least a Zn oxide and a Pr oxide. The at least one pair of internal electrodes are provided inside the sintered compact and contain, as a main component, at least one selected from the group consisting of Pd and Ag and, as a sub-component, an oxide of at least one element selected from the group consisting of Pr, Mn, Co, and Sb. The at least one pair of external electrodes are arranged to cover the sintered compact partially and electrically connected to the at least one pair of internal electrodes, respectively.