A multilayer ceramic electronic component comprises an element body obtained by stacking dielectric layers (thickness t1) and electrode layers (thickness t2). The dielectric layer includes a compound expressed by ABO3 (A includes Ba, and may include Ca or Sr; and B includes Ti, and may include Zr or Hf), and includes 0.75 to 2.0 moles of MgO, 0.4 to 1.0 mole of an oxide of Y, Dy, Ho and the like in terms of the oxide, and 0.4 to 0.8 mole of SiO2 per 100 moles of the compound. A segregation phase containing Mg is formed in at least a part of an electrode missing portion. Line coverage of the electrode layer is 60 to 90% and relations of 0.3 μm≦t1≦2.0 and 0.3 μm≦t2