A method of manufacturing a chip resistor includes the following steps. A resistor layer is formed on an obverse surface of a material substrate. A plurality of substrate sections are defined in the material substrate by forming, in the obverse surface of the material substrate, a plurality of first grooves each of which is elongated in a first direction. A conductor layer is formed in each of the first grooves. The substrate sections are cut along lines extending in a second direction different from the first direction.