The present invention provides a chip component-embedded resin multilayer substrate including a laminating body obtained by laminating a plurality of resin layers, a predetermined wiring conductor disposed in the laminating body, and a chip component embedded in the laminating body and having a side terminal electrode. A guarding member electrically isolated from the wiring conductor is provided to cover at least a part of a boundary between the side terminal electrode and the resin layers when viewed from a lamination direction of the laminating body, and the guarding member is formed from a material having a melting point higher than a temperature at which the resin layer begins to flow.