The microstructure of a complex multicomponent varistor ceramic based on ZnO with small additions of antimony, bismuth, cobalt, manganese, and tin oxides has been elucidated using a variety of structural techniques. Three crystalline phases are found to coexist in the sintered material. The bulk phase consists of a polycrystalline matrix of ZnO doped with Co(II). The ZnO grains are separated from one another by a Bi2Zn4/3Sb2/3O6 pyrochlore phase which forms a three−dimensional threadlike network, indicative of a liquid phase at high temperatures. A Zn(Zn4/3Sb2/3)O4 spinel constitutes the third phase and forms well−faceted octahedral crystals located frequently at grain boundaries between the ZnO and occasionally within the grains. This phase acts as a grain growth moderator for ZnO by anchoring the boundaries during sintering, but plays no role in the nonlinear characteristic of the varistor. A quasiequilibrium between the pyrochlore and spinel has been established such that formation of the spinel is favored at high temperatures. The over−all varistor microstructure may be described as a three−dimensional series−parallel network of ZnO−pyrochlore junctions.