In a varistor, a heat radiating portion contains the same components as ZnO that is the main component of a varistor element body, as metal oxides, thereby, the structural components of the varistor element body and the heat radiating portion are caused to be common. During firing, Ag contained in the heat radiating portion diffuses into the grain boundaries of ZnO, near the interface between surfaces of the heat radiating portion and the varistor element body. Consequently, in the varistor, cracks hardly occur between the varistor portion and the heat radiating portion during firing (or during binder removal), thereby, ensuring sufficient bonding strength between the varistor portion and the heat radiating portion. Therefore, heat conducted to the varistor portion is radiated efficiently conducting through electrically conducted paths formed in the heat radiating portion from the surface facing the varistor element body to other three surfaces of the heat radiating portion.