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There are provided a dielectric composition and a multilayer ceramic electronic component manufactured using the same, the dielectric composition including a dielectric grain having a perovskite structure represented by ABO3, wherein, when an imaginary line is drawn in a direction from a center of the dielectric grain to a grain boundary thereof, a content of rare earth elements in a region corresponding to 0.75 to 0.95% of the dielectric grain from the center of the dielectric grain may be 0.5 to 2.5 at %, based on 100 at % of a B-site ion, so that the multilayer ceramic electronic component manufactured using the dielectric composition can have excellent reliability and secure a high dielectric constant.