In an electronic component and a substrate module, a laminated body includes a first capacitor conductor and a second capacitor conductor embedded therein, which define a capacitor. First and second external electrodes are connected to the first capacitor conductor and the second capacitor conductor through extraction conductors, respectively. Third and fourth external electrodes are connected to the first capacitor conductor through extraction conductors. Fifth and sixth external electrodes are connected to the second capacitor conductor through extraction conductors. On a first side surface, no external electrode having an electrical potential different from the electrical potential of the third external electrode is provided between a first end surface and the third external electrode. On the first side surface, no external electrode having an electrical potential different from the electrical potential of the fifth external electrode is provided between a second end surface and the fifth external electrode.