In this study, 0.6Y2O3-0.4YCr0.5Mn0.5O3 negative temperature coefficient (NTC) ceramics doped with different ZrO2 contents were prepared using a two-step sintering method. The effects of Zr4+ content on the microstructure and electrical properties of 0.6Y2O3-0.4YCr0.5Mn0.5O3 were mainly investigated. For the microstructure, X-ray diffraction (XRD) reveals the presence of two main crystalline phases in the samples: Y2O3 and YCr0.5Mn0.5O3. Scanning electron microscopy (SEM) reveals a clear two-phase appearance, and the porosity tends to decrease with the addition of ZrO2. Combined with energy dispersive spectrometer (EDS) to derive the distribution of the elements, Zr4+ is mainly present in the Y2O3 phase, with a small amount in the YCr0.5Mn0.5O3 phase. In addition, the grain sizes of different groups were counted, and the grain size of Y2O3 decreased from 2.73 ± 1.80 μm to 1.65 ± 0.93 μm with the increase of ZrO2 content. For the electrical properties, the resistance-temperature curves were measured from 298.15 K to 1073.15 K, and all the samples exhibited NTC characteristics. And with the increase of ZrO2 content, the resistivity increased from 1.91 × 107 Ω cm to 1.96 × 108 Ω cm, and the B25/100 value decreased from 3315 K to 1310 K. In addition, the chemical state forms of the elements on the surface of the samples were analysed by X-ray photoelectron spectroscopy (XPS), and the valence states as well as the occupancy of the transition elements Cr and Mn were analysed in detail according to the principle of multiple splitting. Finally, the mechanism of influence on microstructure and electrical properties is explained by combining the theory of grain boundary migration and thermal ceramic conductivity.