A stacked piezoelectric transformer is formed by stacking piezoelectric ceramic sheets each formed with internal electrodes at their predetermined regions, and has portions formed with the internal electrodes as input portions, and a portion not formed with the internal electrodes as an output portion. Ceramic layers, which are formed by mixing a small amount of metal powder to a ceramic powder made of the same material as that of the piezoelectric ceramic sheets, are formed among layers of the output portion. A method of manufacturing a stacked piezoelectric transformer includes the steps of forming an internal electrode at a predetermined region of a piezoelectric ceramic sheet, forming a ceramic material at the remaining region of the piezoelectric ceramic sheet, and stacking a plurality of piezoelectric ceramic sheets each obtained in this manner. The ceramic material is obtained by mixing a small amount of metal powder to a ceramic powder made of the same material as that of the piezoelectric ceramic sheet, and is formed to have the same thickness as that of the internal electrode.