A method of manufacturing a chip resistor includes forming a resistor assembly in which a conductive member including portions separated from each other in a first direction is provided in a resistance body member; and dividing the resistor assembly into chip resistors, each including a chip-shaped resistance body formed by a part of the resistance body member, a pair of main electrodes formed by a part of the conductive member and separated from each other in the first direction, and a pair of sub-electrodes formed by a part of the conductive member, separated from each other in the first direction, and adjacent to the main electrodes in a second direction perpendicular to the first direction with concave portions recessed in the first direction interposed therebetween, by punching.