A multilayer capacitor includes an element assembly, a first external electrode, a second external electrode, and a plurality of internal electrodes which are disposed at the inside of the element assembly. The plurality of internal electrodes include a first internal electrode that is electrically connected to the first external electrode, a second internal electrode that is electrically connected to the second external electrode, and a plurality of third internal electrodes. The plurality of third internal electrodes are electrically connected to each other by a first connection conductor and a second connection conductor, a first capacitance portion is constituted by the first internal electrode and the third internal electrodes, a second capacitance portion is constituted by the second internal electrode and the third internal electrodes, and the first capacitance portion and the second capacitance portion are electrically connected in series.