A varistor is provided with a varistor element body, a plurality of internal electrodes arranged in the varistor element body so as to sandwich a partial region of the varistor element body between them, and a plurality of external electrodes arranged on the surface of the varistor element body and connected to the corresponding internal electrodes. The external electrode has a sintered electrode layer formed by attaching an electroconductive paste containing an alkali metal to the surface of the varistor element body and sintering it. The varistor element body has a high-resistance region formed by diffusing the alkali metal in the electroconductive paste into the varistor element body from an interface between the surface of the varistor element body and the sintered electrode layer.