In a method of manufacturing a resistor, a sheet-shaped resistive element having formed thereon a plurality of belt-shaped electrodes is cut in a direction crossing these belt-shaped electrodes to produce strip-shaped resistive elements. On the other hand, a metal paste containing a glass frit is printed in a pattern of belts arranged at regular intervals on a surface of a plate-shaped insulating substrate to form a plurality of adhesive layers. Then, the strip-shaped resistive elements are respectively applied to the adhesive layers on the plate-shaped insulating substrate, and these are fired in a nitrogen atmosphere. After firing, while a resistance value of a part between each adjacent two electrodes of each strip-shaped resistive element is measured, the strip-shaped resistive element is trimmed so that the resistance value becomes a predetermined value. Then, the plate-shaped insulating substrate having adhered thereto the strip-shaped resistive elements is divided into pieces.