A multilayer capacitor is provided. The multilayer capacitor includes a body and an external electrode disposed outside the body, wherein the body includes an active portion including a plurality of dielectric layers and a plurality of internal electrodes stacked with dielectric layers interposed therebetween, and a side margin portion covering at least one side surface of side surfaces to which the internal electrodes are exposed in the laminate, wherein the side margin portion includes a dielectric including a BaTiO3-based main component, a first subcomponent including a rare earth element, and a second subcomponent including Zr, wherein, based on a molar content per 100 moles of the main component, when a molar content of the rare earth element is RE, a molar content of Zr and RE satisfies 0.20≤Zr/RE≤0.37.