A thermally protected metal-oxide varistor is provided, including a disconnecting unit, a first varistor assembly and a second varistor assembly. The first varistor assembly and the second varistor assembly are connected in series through a low-melting-point alloy layer; wherein when the low-melting-point alloy layer is fused, the disconnecting unit acts to cut off the low-melting-point alloy. The two varistors are connected directly through solder joints without any transition connection member. The heat transfer path is reduced to the shortest path, and a faster response is realized compared to conventional products formed by a varistor and a disconnecting unit when abnormal over-current passes. Moreover, the slider functions as a physical separator capable of isolating the two varistors after the solder joints are fused, which further diminishes the risk of fire occurrence caused by the failure of instantly blocking current by the disconnecting unit when the varistor breaks down by over-current.