Multilayer capacitor

A multilayer capacitor includes a body including a dielectric layer and a plurality of internal electrodes stacked on each other with the dielectric layer interposed therebetween; and external electrodes disposed externally on the body, and respectively including a first layer connected to the internal electrode and a second layer covering the first layer, wherein the first layer includes a metal particle including an element A, an oxide of an element Z, formed on the metal particle, and an A-Z intermetallic compound phase, and here, the element Z has a higher ionization tendency than the element A.