A preferred varistor body has a structure of alternately laminated internal electrode layer and varistor layer made of a varistor material. The varistor layer has a composition containing Zn, Co, Pr, Li, and Zr. The analysis of varistor body in the depth direction from the surface thereof gives the Li content of 0.08 parts by mass or less to 100 parts by mass of the sum of Zn, Co, and Pr contents at a level of 2 .mu.m at the surface side above the reference depth where the Zr content becomes almost constant.