The effects of various additives on the microstructures of sintered ZnO varistors were examined. Bi2O3, Sb2O3 and Cr2O3 were added to ZnO step by step to identify the effect of each component. The specimens were prepared by sintering at 110$0^{circ}C$ and 120$0^{circ}C$ in ambient atmosphere. In ZnO-Bi2O3-Sb2O3 ternary system, decrease of averge grain size due to antimony oxide addition depends on sintering temperature as well as Bi2O3 content. When Sb2O3 was partly or completely replaced by Cr2O3, grain size was further reduced. A significant amount of pyrochlore phase which was not transformed to spinel and Bi2O3-rich liquid phase seemed to remain during sintering at 110$0^{circ}C$. Unlike ZnO-Bi2O3-Sb2O3 system, the $alpha$-spinel phase containing significant amount of Cr did not transform to pyrochlore during furnace cooling. Fine spinel particles around 1${mu}{ extrm}{m}$ size were ovserved within ZnO grains and grain boundaries, which were believed to be responsible for grain-growth inhibition in ZnO-Bi2O3-Sb2O3.