A disclosed electrolytic capacitor includes a capacitor element. The capacitor element includes an anode body, a dielectric layer formed on a surface of the anode body, a cathode body, and an electrolyte layer and a separator that are disposed between the dielectric layer and the cathode body. The electrolyte layer includes a non-aqueous solvent and conductive particles. A ratio D/T of an average maximum diameter D of the conductive particles to an average thickness T of the separator is in a range of 0.01 to 0.9.