A conductive paste for an external electrode that includes a conductive metal powder; a glass frit having an average particle diameter D50 of not more than 0.8 μm and having a flat shape with an average flatness of 1.5 to 5.5; and a binder resin. A method of manufacturing an electronic component includes preparing an electronic component element; applying the conductive paste for an external electrode onto an outer surface of the electronic component element; and baking the applied conductive paste to form an external electrode.