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 are stacked with the dielectric layers interposed therebetween, external electrodes disposed on an external surface of the body to be connected to the internal electrodes, and including a first electrode layer disposed on a first surface of the body to which the internal electrodes are exposed, and a second electrode layer covering the first electrode layer, a first insulating coating layer disposed between the first and second electrode layers and having a discontinuous region, and a second insulating coating layer having a discontinuous region to cover at least a portion of a surface of the body. The second insulating coating layer is exposed from the external electrodes.