Provided are: a chip resistor which is capable of adjusting the resistance with high accuracy, while maintaining high sulfurization resistance of an electrode thereof, even in cases where the resistance of the chip resistor is low; and a method for manufacturing this chip resistor. This chip resistor (1) comprises an insulating film which covers a resistor (4) that is formed so as to be in contact with both of a pair of electrodes (3, 3) formed on the upper surface (2A) of an insulating substrate (2). Each of the pair of electrodes (3, 3) comprises: (1) a main electrode layer (3B) that contains silver as a main metal component, while containing 10% by weight or more of palladium, and an auxiliary electrode layer (3A) that has a lower specific resistance than the main electrode layer (3B); (2) a multilayer portion wherein the auxiliary electrode layer (3A) and the main electrode layer (3B) are sequentially laminated in this order on one surface of the insulating substrate (2); and (3) an exposed part (3A1) of the auxiliary electrode layer (3A) on the far side from the resistor (4), where the main electrode layer (3B) does not cover a part of the auxiliary electrode layer (3A), and an extending part (3B1) that extends from the near side to the far side from the resistor (4).