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There are provided a dielectric composition and a multilayer ceramic electronic component using the same, the dielectric composition including dielectric grains having a perovskite structure represented by ABO3, wherein the dielectric grain includes a base material, in which at least one rare earth element RE is solid-solubilized in at least one of A and B, and a transition element TR, and a ratio (TR/RE) of the transition element to the rare earth element is 0.2 to 0.8.