A multilayer ceramic capacitor and a process for producing the same, which comprises dielectric ceramic layers, internal electrodes disposed between the dielectric ceramic layers, and an external electrode connected to the internal electrodes, the dielectric ceramic layers comprising barium titanate, a bismuth compound, and an anti-reducing agent, the internal electrodes comprising nickel or a nickel alloy. The anti-reducing agent is represented by the general formula:.alpha.MOx+.beta.RO+B.sub.2 O+(100-.alpha.-.beta.-.gamma.) SiO.sub.2 wherein MOx represents at least one members selected from the group consisting of MnO.sub.2, Li.sub.2 O, and ZnO; R represents at least one member selected from the group consisting of Mg, Sr, Ca, and Ba; and .alpha., .beta., and .gamma., each indicating a respective percentage by mole, represent numbers in the ranges of 5