A multilayer electronic component includes: a first frame terminal including a first side frame, a first bottom frame and a first top frame; a second frame terminal including a second side frame, a second bottom frame and a second top frame; an electronic component including first and second external electrodes, and disposed between the first and second side frames; a first conductive adhesive disposed between the first external electrode and an upper portion of the first frame terminal; and a second conductive adhesive disposed between the second external electrode and an upper portion of the second frame terminal, wherein space portions are provided between the first and second external electrodes and lower portions of the first and second side frames and between the first and second external electrodes and the first and second bottom frames, respectively.