WO3-based varistors doped with Y2O3 were prepared and the microstructure, nonlinear electrical properties, and dielectric properties were investigated. Breakdown voltages Eb of WO3 doped with Y2O3 are lower than that of undoped WO3, indicating that the dopant can reduce the breakdown voltage. The dielectric constant of doped samples is higher than that of undoped samples, and the high dielectric constant makes them suitable as capacitor-varistor materials. It was found that the sample of WO3-0.5 mol% Y2O3 sintered at 1150 °C has an optimal nonlinear coefficient of 3.4 and a breakdown voltage of 17.1 V/mm. WO3 ceramic doped with Y2O3 is a new kind of low voltage capacitor-varistor material.