To manufacture a protection element in which dimension precision of a fuse element is improved and stable operation characteristics are presented.

In forming a fuse element 15 of the protection element 15, using a prescribed dispenser 50, low-melting point metal grain M is injected or dropped in molten state in the order on a substrate 11 and the fuse element 15 is formed so as to straddle over a plurality of fuse element electrode terminals 13a, 13b, 13c. In this case, the low-melting point metal grain M is injected or dropped in order on the surface of the substrate 11 located between the fuse element electrode terminals 13a, 13b, 13c starting from the position on the substrate 11 in contact with a side to demarcate the end fringe of one electrode terminal out of the plurality of fuse element electrode terminals 13a, 13b, 13c and the side opposed to other electrode terminal.