A multilayer electronic component includes: a capacitor body including a plurality of dielectric layers and a plurality of first and second internal electrodes alternately disposed with respective dielectric layers interposed between each pair of first and second internal electrodes, the capacitor body having third and fourth surfaces opposing each other, an end of each the first and second internal electrodes being exposed through the third and fourth surfaces, respectively; first and second external electrodes disposed on the third and fourth surfaces of the capacitor body, respectively; and first and second connection terminals connected to the first and second external electrodes, respectively, wherein each of the first and second connection terminals includes a vertical portion disposed to face the external electrode, a horizontal portion extended from a lower end of the vertical portion, and a cut portion formed in a portion connecting the vertical portion and the horizontal portion to each other.