An LC composite electronic component includes a ceramic substrate that includes a magnetic layer, a thin-film insulator layer that is formed using a thin film process on a surface of the ceramic substrate, a coil-shaped inductor element that is formed in the ceramic substrate, a capacitor element that is formed in the thin-film insulator layer, and external terminals that are formed on a surface of the thin-film insulator layer. The capacitor element is located in the thin-film insulator layer and includes a first capacitor electrode, a second capacitor electrode and a thin-film dielectric body at least part of which is arranged between the first and second capacitor electrodes. The external terminals are each respectively connected to at least one out of the inductor element and the capacitor element.