There are provided a multilayer ceramic electronic component and a method of manufacturing the same. The multilayer ceramic electronic component includes: a ceramic body including a dielectric layer; first and second internal electrodes disposed within the ceramic body to face each other, while having the dielectric layer interposed therebetween; and first external electrodes electrically connected to first and second internal electrodes and second external electrodes formed on the first external electrodes, wherein the first and second external electrodes include a conductive metal and a glass, and when the second external electrodes are divided into three equal parts in a thickness direction, an area of the glass in central parts thereof with respect to an area of the central parts is 30 to 80%. Therefore, sealing properties of a chip is improved, whereby a multilayer ceramic electronic component having improved reliability may be implemented.