A chip resistor comprises an insulating substrate (component body) on which a resistor is formed, a connection terminal (front electrodes, end face electrodes, and back electrodes) formed at both end portions of the insulating substrate, an under layer formed by electrolytic plating to cover the connection terminal, a barrier layer formed by electrolytic plating to cover the under layer, and an external connection layer which is mainly composed of tin and formed on a surface of the barrier layer, wherein the barrier layer is made of alloy plating mainly composed of nickel and containing 3% to 15% of phosphorus, and the under layer is formed of a copper plated layer that is at least either more malleable or more ductile than the barrier layer.