A multilayer capacitor comprises a ceramic sintered body, an internal electrode disposed in the ceramic sintered body, and an external electrode disposed on an external surface of the ceramic sintered body. The external electrode has a first electrode layer formed on the external surface of the ceramic sintered body, a second electrode layer formed on the first electrode layer, and a conductive resin layer formed on the second electrode layer. The internal electrode and the first electrode layer consist primarily of a base metal. The second electrode layer consists primarily of a noble metal or a noble metal alloy. The conductive resin layer contains a noble metal or a noble metal alloy as a conductive material.