A multilayer ceramic electronic component includes a first metal terminal including a first plating film on a surface of a first terminal main body, and a second metal terminal including a second plating film on a surface of the second terminal main body. The first metal terminal includes a surface connected to the first external electrode on which a first recess portion is provided such that the first terminal main body is exposed. The second metal terminal includes a surface connected to the second external electrode on which a second recess portion is provided such that the second terminal main body is exposed. The first and second recess portions each include cavities. An exterior material covers the multilayer ceramic electronic component main body, the bonding material, a portion of the first metal terminal, and a portion of the second metal terminal.