A dielectric composition and a multilayer capacitor including the same are provided. The dielectric composition includes a BaTiO3-base main component, a first subcomponent including an Nb component and a Gd component, a second subcomponent including an Mg component, and a third subcomponent including a Ba component and a Ca component. The first subcomponent is included in an amount of 4 moles or less per 100 moles of the main component. In the first subcomponent, a molar content of Nb and a molar content of Gd satisfy 0.33≤Nb/Gd, and in the third subcomponent, a molar content of Ba and a molar content of Ca satisfy 0.2≤Ca/(Ba+Ca).