A multilayer electronic component includes a body including a dielectric layer and a plurality of internal electrodes alternately disposed with the dielectric layer interposed therebetween, and external electrodes disposed on the body, wherein the external electrode include a first electrode layer disposed on two end surfaces and a second electrode layer including a center portion disposed on the first electrode layer and a band portion extending from the center portion onto a portion of a first surface and a portion of a second surface, the first electrode layer includes a conductive metal, the second electrode layer includes silver (Ag) and glass and further includes one or more of palladium (Pd), platinum (Pt), and gold (Au), and ta