A multilayer electronic component includes: a body including a dielectric layer, first and second internal electrodes, alternately disposed with the dielectric layer interposed therebetween, first and second surfaces opposing each other in a first direction, third and fourth surfaces connected to the first and second surfaces and opposing each other in a second direction; and an external electrode disposed on the third or fourth surface of the body. The external electrode includes first electrode layers connected to the internal electrodes and containing copper (Cu), second electrode layers, disposed on the first electrode layers, contain copper (Cu) and silver (Ag), and further contain at least one of palladium (Pd), platinum (Pt), and gold (Au), and third electrode layers that are disposed on the second electrode layers and contain silver (Ag), and an average thickness of the third electrode layers may be 3 μm or more and 15 μm or less.