An oxide varistor is prepared from a basic composition formed of 70 to 14 mol% of at least one Me.sup.I O.sub.2, 29 to 85 mol% of ZnO and 1 to 20 mol% of Sb.sub.2 O.sub.3, 1 to 20% by weight of Bi.sub.2 O.sub.3, and 0.5 to 10% by weight of at least one Me.sup.II.sub.2 O.sub.3 based on said basic composition, Me.sup.I being selected from Ti, Sn and Zr, and Me.sup.II being selected from Fe, Cr, Mn and Co.