A multilayer capacitor and a method of manufacturing includes a conductive resin layer of an external electrode disposed on a first electrode layer. The conductive resin layer includes a conductive connecting part and an intermetallic compound contacting the first electrode layer and the conductive connecting part. The conductive connecting part contacts a plurality of metal particles and a second electrode layer, such that the 7 equivalent series resistance (ESR) of the multilayer capacitor is decreased and warpage strength of the multilayer capacitor is improved.