A multilayer electronic component may include a first internal electrode layer including a first dielectric layer and first to fourth internal electrodes disposed to be spaced apart from each other on the first dielectric layer, a second internal electrode layer including a second dielectric layer and a fifth internal electrode disposed on the second dielectric layer, a body including a capacitance forming portion in which the first internal electrode layer and the second internal electrode layer are alternately disposed, a connection electrode penetrating through the first and second internal electrode layers, spaced apart from the first to fourth internal electrodes, and connected to the fifth internal electrode, first to fourth external electrodes disposed to be connected to the first to fourth internal electrodes, respectively, on the body, and a fifth external electrode disposed to be connected to the connection electrode on the body.