A varistor comprises a varistor portion, a metal portion, and buffer portion. The varistor portion has a varistor element body exhibiting a nonlinear current-voltage characteristic and two electrode portions. The metal portion has a thermal conductivity higher than that of the varistor element body. The buffer portion is disposed between the varistor portion and metal portion so as to be bonded to each of the varistor portion and metal portion and mainly composed of glass. The two electrode portions are arranged in the varistor element body so as to be electrically insulated from each other while exposing at least a portion of each thereof from an outer surface of the varistor element body. The metal portion and varistor portion are joined firmly to each other. The heat transmitted to the varistor can efficiently be diffused from the metal portion.