A laminated variable resistor comprises a main body, internal electrodes extending along two side edges of the main body into the main body, terminal electrodes disposed on the two ends of the main body. The mole percentage of the oxide in overlapping active regions between opposite internal electrodes is reduced and the reduced portion is replaced by a metal selected from gold (Au), silver (Ag), palladium (Pd), platinum (Pt), rhodium (Rh), or the alloy of any two of such metals.