A composite electronic component includes an electronic element mounted on a resistance element in a height direction. The electronic element includes an electronic element body, and first and second external electrodes separated from each other in a length direction. The resistance element includes a base portion, a resistor disposed on an upper surface of the base portion, and first and second upper surface conductors on the upper surface of the base portion. The first and second upper surface conductors are separated from each other in the length direction, and the resistor is located between the first and second upper surface conductors. A dimension in the height direction of the resistor is smaller than both a dimension in the height direction of the first external electrode of a portion located on a lower surface of the electronic element body, and a dimension in the height direction of the second external electrode of a portion located on a lower surface of the electronic element body.