In this study we aimed to examine the co-doping effects of 1/6mol% Co3O4 and 1/4mol% Cr2O3 (Co:Cr=1:1)on the reaction, microstructure, and electrical properties, such as the bulk defects and the grain boundary properties, of ZnO-Bi2O3-Sb2O3 (ZBS; Sb/Bi=0.5, 1.0, and 2.0) varistors. The sintering and electrical properties of Co,Cr-doped ZBS, ZBS(CoCr)varistors were controlled using the Sb/Bi ratio. Pyrochlore (Zn2Bi3Sb3O14), α-spinel (Zn7Sb2O12), and δ-Bi2O3 were formed inall systems. Pyrochlore was decomposed and promoted densification at lower temperature on heating in Sb/Bi=1.0 by Cr ratherthan Co. A more homogeneous microstructure was obtained in all systems affected by α-spinel. In ZBS(CoCr), the varistorcharacteristics were improved (non-linear coefficient, α=20~63), and seemed to form Zni..(0.20eV) and Vo.(0.33eV) asdominant defects. From impedance and modulus spectroscopy, the grain boundaries were found to be composed of anelectrically single barrier (0.94~1.1eV) that is, however, somewhat sensitive to ambient oxygen with temperature. The phasedevelopment, densification, and microstructure were controlled by Cr rather than by Co but the electrical and grain boundaryproperties were controlled by Co rather than by Cr.