A multilayer capacitor includes: a body including dielectric layers and internal electrodes alternately disposed therein; and external electrodes disposed on the body and connected to the internal electrodes. The internal electrodes include a first internal electrode and a second internal electrode. A thickness of the second internal electrode is less than a thickness of the first internal electrode, and an area fraction of ceramics included in the first internal electrode with respect to the first internal electrode is greater than that of ceramics included in the second internal electrode with respect to the second internal electrode.