A multilayer substrate includes a base body including a first main surface, a first external electrode provided on the first main surface and made of metal foil, a first interlayer connection conductor, and a second interlayer connection conductor having higher conductivity than the first interlayer connection conductor. The base body includes insulating base material layers that are stacked on one another. The first interlayer connection conductor is provided at least in an insulating base material layer on which the first external electrode is provided, and is connected to the first external electrode. The second interlayer connection conductor is disposed inside the base body, and is connected to the first external electrode through the first interlayer connection conductor.