A multilayer ceramic electronic component includes a ceramic body including a dielectric layer, and a first internal electrode and a second internal electrode facing each other with the dielectric layer interposed therebetween, and a first external electrode electrically connected to the first internal electrode, and a second external electrode electrically connected to the second internal electrode, disposed on an outer surface of the ceramic body. Each of the first and second external electrodes includes a first electrode layer including a conductive metal and a plating layer disposed on the first electrode layer. The first electrode layer extends beyond the plating layer on the ceramic body, and includes a first area covered by the plating layer, and a second area extending from the first area, and an insulating layer covers the second area.