To provide a highly reliable multilayer electronic component capable of enhancing the precision of ESR, and to provide a manufacturing method thereof.

In a multilayer electronic component 10 in which a laminate is formed by laminating a plurality of internal electrodes 14 and dielectrics 12 alternately, and two sets of external electrodes are formed by exposing the internal electrode 14 to each end face of the laminate for every other layer, the external electrode includes a cermet layer 16 deposited by sputtering. A stabilized ERS (equivalent series resistance) can be set over a wide range, by changing the composition or the deposition thickness of the cermet layer 16. Furthermore, an ESR having a low temperature coefficient and less susceptible to humidity change can be added.