A multilayer ceramic electronic component includes a laminate having ceramic layers and internal electrodes stacked alternately one on another, and at least one kind of metal oxide between respective one of the ceramic layers and corresponding one of the internal electrodes. A method of manufacturing a multilayer ceramic electronic component includes a first step of stacking ceramic sheets and metal layers alternately one on another to fabricate a laminate and a second step of firing the laminate. Respective one of the metal layers has, on the surface of a sheet-like first metal, a second metal more susceptible to oxidation than the first metal. The second step is performed at an oxygen partial pressure at which the first metal is hardly oxidized and the second metal is oxidized.