In a piezoelectric vibrator which has excitation electrodes respectively disposed on the top surface and undersurface of a piezoelectric substrate, at least one of the excitation electrodes being an inverted-mesa electrode that has a recess formed in the opposite side of the electrode from the side which contacts the piezoelectric substrate. Thus, an AT-cut quartz resonator in which the capacitance ratio .gamma. is reduced to a value below the limit value can be provided as a result of use of the inverted-mesa electrodes as excitation electrodes.