A multilayer capacitor and a board having the same mounted thereon are provided. The multilayer capacitor includes a capacitor body including a plurality of dielectric layers and a plurality of internal electrodes alternately disposed with each of the plurality of dielectric layers interposed therebetween, and an external electrode disposed on the capacitor body to be connected to the internal electrode. At least one intermetallic compound layer is disposed in a region in which the plurality of internal electrodes and the external electrode are connected, and a total number of the at least one intermetallic compound layer is more than or equal to 55% and less than 100% of a total number of the plurality of internal electrodes.