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PROBLEM TO BE SOLVED : To provide a method for easily manufacturing a varistor wherein the size of an external electrode and a resistor is sufficiently made very small while maintaining successful varistor characteristics.SOLUTION : The method has processes of : forming a plurality of external electrode pairs 30 constituted of external electrodes 32, 34 opposite to each other on one surface 10a of a varistor element 10; forming the resistor on one surface 10a of the varistor element 10 so that the plurality of external electrodes 30 are connected to each other, and the external electrodes 32 and the external electrodes 34 are connected to each other; and forming a connector 20 by removing the resistor formed on an area between the adjacent external electrode pairs 30 by irradiation of a laser beam. The varistor element 10 contains ZnO as a principle component, and contains Ca oxide, Si oxide and oxide of rare earth metal as assistant components, the ratio X of the Ca oxide expressed in terms of a Ca atom to the whole principal component is 2-80 atom%, the ratio Y of the Si oxide expressed in terms of a Si atom is 1-40 atom%, and the varistor element satisfies 1≤X/Y<3.COPYRIGHT : (C)2010, JPO&INPIT