A laminated varistor includes a sintered body and first to third internal electrodes provided inside the sintered body. The first internal electrode includes a first facing part facing the third internal electrode in a third direction, and a first connecting part connecting the first facing part and the first external electrode. The second internal electrode includes a second facing part facing the third internal electrode in the third direction, and a second connecting part connecting the second facing part and the second external electrode. The first connecting part includes a first connection portion connected to the first external electrode, and a first narrow part having a dimension in a second direction smaller than the first connection portion. The second connecting part includes a second connection portion connected to the second external electrode, and a second narrow part having a dimension in the second direction smaller than the second connection portion.