The invention discloses a composite insulated metallic oxide arrester which comprises a hollow insulation pipe (2), an umbrella skirt sleeve (3), a first metal end plate (4), a second metal end plate(5), a first metal elastomer (6), a discharge gap structure, a second metal elastomer (7) and zinc oxide resistance pieces (8) which are arranged in a stacking manner; the first metal elastomer (6), the discharge gap structure, the second metal elastomer (7) and the zinc oxide resistance pieces (8) are axially arranged in the hollow insulation pipe from top to bottom; and the first metal elastomer, the discharge gap structure, the second metal elastomer and the zinc oxide resistance chips are all form gaps (9) with the hollow insulation pipe in a radial direction of the hollow insulation pipe.By adopting variable series gap composite insulated metallic oxide arrester, during normal running, lightning overvoltage and operation overvoltage allowed by running voltage and electrical equipmentcan not be applied to the zinc oxide resistance chips, so that the phenomena of electrical aging and thermal destruction caused by long-term electrification are avoided, and meanwhile, the problem ofarcs caused by sustaining current between adjacent series gaps after overvoltage disappears can also be prevented.