A multilayer capacitor includes a body including a stack structure in which a plurality of dielectric layers are stacked and a plurality of internal electrodes stacked with respective dielectric layers interposed therebetween, external electrodes disposed on external surfaces of the body and connected to the internal electrodes, and an insulating layer covering a surface of the body. One of the external electrodes includes a metal layer connected to the insulating layer, and the insulating layer includes an oxide of a metal component of the metal layer.