A multilayer chip varistor comprises a multilayer body in which a plurality of varistor portions are arranged along a predetermined direction, and a plurality of terminal electrodes. Each varistor portion has a varistor layer to exhibit nonlinear voltage-current characteristics, and a plurality of internal electrodes disposed so as to interpose the varistor layer between them. Each terminal electrode is disposed on a first outer surface parallel to the predetermined direction out of outer surfaces of the multilayer body and is electrically connected to a corresponding internal electrode out of the plurality of internal electrodes. Each of the plurality of internal electrodes includes a first electrode portion overlapping with another first electrode portion between adjacent internal electrodes out of the plurality of internal electrodes, and a second electrode portion led from the first electrode portion so as to be exposed in the first outer surface. The plurality of terminal electrodes are electrically connected via the respective second electrode portions to the corresponding internal electrodes.