A multilayer electronic component includes a body including a dielectric layer and internal electrodes disposed alternately with the dielectric layer therebetween and including first and second surfaces opposing each other in a first direction, third and fourth surfaces opposing each other in a second direction, and external electrodes disposed on the body. One end of each internal electrode is connected to the third or fourth surface. The external electrodes include a first electrode layer disposed on the third and fourth surfaces and including a conductive metal and a second electrode layer disposed on the first electrode layer, including silver (Ag) and glass, and further including one or more of palladium (Pd), platinum (Pt), and gold (Au), and the first electrode layer is disposed to cover all of one end of each internal electrode connected to the third and fourth surfaces and does not extend to the other surfaces.