A laminated-type varistor includes a laminated structure and a pair of external electrodes disposed on a surface of the laminated structure. The laminated structure includes effective sintered body layers and internal electrodes. The internal electrodes are connected to the external electrodes and are disposed apart from each other in the direction perpendicular to lamination surfaces. Each of the internal electrodes has a multilayer electrode structure in which a plurality of electrode layers are arranged in layers while an ineffective sintered body layer is disposed therebetween. The laminated-type varistor has increased maximum peak current and maximum energy and reduction in clamping voltage.