The nonlinear properties and their stability of ZPCCD- based varistors, which are composed of ZnO P $r_{6}$ $O_{ll}$ - CoO-C $r_2$ $O_3$-D $y_2$ $O_3$-based ceramics, were investigated in the D $y_2$ $O_3$ content range of 0.0∼2.0 mol%. The incorporation of D $y_2$ $O_3$ greatly affected the nonlinear properties and the best nonlinearity was obtained from 0.5 mol% D $y_2$ $O_3$ with nonlinear exponent of 66.6 and leakage current of 1.2 $mu$A. Further addition of D $y_2$ $O_3$ deteriorated the nonlinear properties. In stability against DC accelerated aging stress state: 0.95 $V_{1mA}$/15$0^{circ}C$/24 h, the 0.5 mol％ D $y_2$ $O_3$-doped varistor exhibited the highest stability, in which the variation rate of varistor voltage and nonlinear exponent are -1.9% and 10.5%, respectively. The remainder varistors resulted in thermal runaway due to low density of ceramics.s.s.