A multilayer electronic component includes a body comprising a capacitance-forming portion including a dielectric layer and a plurality of internal electrodes layered with the dielectric layer interposed therebetween, and upper and lower cover portions disposed on upper and lower surfaces of the capacitance-forming portion, respectively; and external electrodes disposed on the body and electrically connected to at least some of the plurality of internal electrodes, respectively, wherein at least one of the upper cover portion and or the lower cover portion has a step structure, and the step structure has a shorter length and width as compared to the capacitance-forming portion.