A multilayer capacitor which can prevent chattering noises from occurring and improve the packaging density and packaging yield, and a method of manufacturing a multilayer capacitor are provided. Even when an electrostrictive vibration is generated in this multilayer capacitor upon voltage application, a joint surface of a metal terminal can flex, so as to mitigate the electrostrictive vibration, thereby preventing chattering noises from occurring. The joint surface is formed with a cutout and thus can fully secure its flexibility. In this multilayer capacitor, a step formed by a terminal connecting surface, a substrate connecting surface, and the joint surface is positioned within an area overlapping a capacitor element body as seen in the laminating direction of dielectric layers. Therefore, solder fillets do not protrude out of the capacitor element body, whereby the packaging density on a mounting substrate K can be improved. The state of solder fillets is easy to see from the outside, and a connection yield can also be secured.