A varistor element comprises a varistor element body, a plurality of inner electrode pairs, a connecting conductor, and a plurality of terminal electrodes. The varistor element body has first and second main faces opposing each other. Each inner electrode pair has first and second inner electrodes. The first and second inner electrodes are arranged so as to oppose each other at least partly within the varistor element body. The connecting conductor is arranged on the first main face so as to electrically connect the first inner electrodes in a predetermined inner electrode pair in the plurality of inner electrode pairs to each other. The terminal electrodes are provided so as to correspond to the second inner electrodes in the plurality of inner electrode pairs, and are arranged on the second main face so as to electrically connect with the second inner electrodes.