A multilayer varistor comprising a varistor chip body having alternately stacked ceramic layers and internal electrode layers is provided. The ceramic layer is composed of a composite oxide containing Ti and/or Zr and Ba as a main component and Si and/or Al as a subordinate component, substantially free of Cr, and has a perovskite phase. The internal electrode layer is composed of a conductor containing a base metal such as Ni or Ni alloy as a main component. The varistor is used in an electric circuit for suppressing noise.