Abstract: A non-reciprocal circuit element which can be miniaturized while still providing a matching capacitance having a large value. A circulator, for example, has central electrodes and a multilayer substrate for forming a matching capacitance. The multilayer substrate is formed by stacking a plurality of dielectric sheets provided with central electrodes or matching capacitive electrodes with each other and integrally firing the same. The matching capacitance is formed by connecting multilayer capacitive parts which are formed by stacking a number of dielectric sheets which are each partially sandwiched by a pair of capacitive electrodes in parallel with each other. An upper surface of the multilayer substrate has a first aperture for receiving a ferrite member and a second aperture for receiving a permanent magnet in positions facing the central electrodes.