The effects of adding Sb, Zr, and Y to a Bi–Mn–Co–Si–Cr–Ni-added ZnO varistor (with the same composition as a commercial varistor) on the varistor voltage, leakage current, and resistance to electrical degradation were investigated. Both the varistor voltage and the nonlinearity index of the voltage–current characteristics a before electrical degradation for samples added 1.0 mol% ZrO2 and 1.0 mol% Y2O3 were maximized at approximately 1.0 mol% Sb2O3 and decreased rapidly when the amount of Sb2O3 exceeded more than about 1.0 mol%. Samples added 1.0 mol% ZrO2, and 1.0 mol% Y2O3, and less than 0.75 mol% Sb2O3 had a comparable leakage current to samples added neither ZrO2 nor Y2O3. Sb is an important element that is necessary to obtain a high varistor voltage, a low leakage current, and an excellent resistance to electrical degradation. However, the same varistor voltage can be obtained by adding Y and reducing the amount of Sb2O3 added.