A ceramic electronic component includes a dielectric layer and an electrode layer. The dielectric layer contains a plurality of ceramic particles and grain boundary phases present therebetween. A main component of the ceramic particles is barium titanate. An average thickness of the grain boundary phases is 1.0 nm or more. A thickness variation of the grain boundary phases is 0.1 nm or less.

A method of manufacturing a multilayer ceramic electronic component includes: preparing a dielectric magnetic composition including base material powder particles including BaTi.sub.2O.sub.5 or (Ba.sub.(1-x)Ca.sub.x)Ti.sub.2O.sub.5 (0x0.1), the base material powder particles having surfaces coated with one or more of Mg, Mn, V, Ba, Si, Al and a rare earth metal; preparing ceramic green sheets using dielectric slurry including the dielectric magnetic composition; applying an internal electrode paste to the ceramic green sheets; preparing a green sheet laminate by stacking the ceramic green sheets to which the internal electrode paste is applied; and preparing a ceramic body including dielectric layers and a plurality of first and second internal electrodes arranged to face each other with each of the dielectric layers interposed therebetween by sintering the green sheet laminate.