The effects of a Bi2O3–B2O3 frit (denoted as BiBF) on the densification, phase transformation, microstructure, and nonlinear electrical properties of ZnO–Bi2O3–TiO2–Co2O3–MnCO3 (ZBTCM)‐based varistors have been investigated. The varistor ceramic with the addition of >2 wt% BiBF can be sintered at 900°C and 96.3% of the theoretical density was achieved. SEM revealed that the microstructure of the varistor ceramics with 2 wt% BiBF is uniform, with an average grain size of 13.5 μm. No porosity is observed. The typical ZnO–Bi2O3–TiO2‐based varistor phase compositions were detected for all varistor ceramics but the formation of a secondary phase, Bi4B2O9, became apparent when 4 wt% BiBF was added. The Bi4B2O9 phase crystallized from the Bi2O3–B2O3 frit, acting as a potential barrier at the grain boundary, increases the density of interface states Ns, barrier height Φb, and plays an important role in improving the electrical properties of the varistor ceramics. However, a large amount will be detrimental. Optimum properties were exhibited for the varistor ceramics with 2 wt% BiBF sintered at 900°C, with E1 mA=124.9 V/mm, α=46.2, and JL=0.2 μA/cm2. The reactivity of the varistor ceramic with Ag was also studied. The excellent electrical properties and low sintering temperature, coupled with chemical compatibility with Ag, suggest that Bi2O3–B2O3 frit sintering aids for ZnO–Bi2O3–TiO2–Co2O3–MnCO3 (ZBTCM)‐based varistors have great potential for using the base metal Ag as inner electrodes for low‐voltage MLV fabrication.