The microstructure, electrical properties and density of ZnO-based varistor ceramics with different Er2O3 content prepared by high-energy ball milling (HEBM) and sintered at 800 ℃ were investigated. With increasing Er2O3 content, the ZnO grain size decreases due to the Er-rich phases inhibiting grain growth;and nonlinear coefficient (α) decreases because of the decrease of barrier height (φB). The breakdown voltage (Eb) and density increase, whereas leakage current (IL) decreases with increasing Er2O3 content. The barrier height (φB), donor concentration (Nd), density of interface states (Ns) decrease and barrier width (ω) increases with increasing Er2O3 content due to acceptor effect of Er2O3 in varistor ceramics.