By heat-treating the mixture of Bi2O3 and Sb2O3 beforehand and adding the mixture to ZnOwith other metal oxides, ZnO varistors were sintered at tempersture 850-950°C and the electric characteristics were studied. When the content ratio of Bi2O3 and Sb2O3 was 3:1 in the ZnO+Bi2O3+Sb2O3+CoO+MnO+Al2O3, the varistor voltage and α-value became minimum. These values, V1mA/mm and α, increased with increasing amount of Sb2O3 content. The effect of Cr2O3-addition was studied.