A chip varistor is provided with a varistor section, a plurality of electroconductive sections, and a plurality of terminal electrodes. The varistor section is comprised of a sintered body containing ZnO as a major component and is configured to exhibit the nonlinear voltage-current characteristics. The plurality of electroconductive sections are comprised of sintered bodies containing ZnO as a major component and arranged with the varistor section in between, and each electroconductive section has a first principal surface connected to the varistor section and a second principal surface opposed to the first principal surface. The plurality of terminal electrodes are connected respectively to the corresponding electroconductive sections. Each terminal electrode has a first electrode portion connected to the second principal surface and a second electrode portion connected to the first electrode portion.