A multilayer electronic component includes a body having a dielectric layer and first and second internal electrodes alternately disposed with the dielectric layer interposed therebetween. The body has a hexahedral shape. A first external electrode includes a first connection portion disposed on a third surface, and first and third band portions extending from the first connection portion respectively onto a portion of a first and a second surface. A second external electrode includes a second connection portion disposed on a fourth surface, and second and fourth band portions extending from the second connection portion respectively onto a portion of the first and second surfaces. An insulating layer including an oxide containing hafnium is disposed on the first and second connection portions and covers the second surface and the third and fourth band portions. First and second plating layers are disposed respectively on the first and second band portions.