The invention relates to a method of making a chip resistor using a material substrate for which are set a plurality of first cutting lines extending in a first direction and a plurality of second cutting lines extending in a second direction perpendicular to the first direction. The method includes an upper electrode forming step A for forming a thick upper conductor layer on the upper surface of the substrate by printing and baking a metal organic paste, a lower electrode forming step B for forming a thick lower conductor layer on the lower surface of the substrate by printing and baking metal organic paste, and a resistor element forming step C for forming a thin resistor layer by depositing a resistor material on the upper surface of the substrate. Preferably, the upper and the lower surfaces of the material substrate are flat.