In light of the sure protection function, the most important factors of a varistor are the clamping voltage ratio and degradation characteristics. The degradation characteristics of Pr/Co/Cr/Er co-doped zinc oxide varistors were investigated by impulse currents (0.4~2.1 kA) stress for the specified content of $Er_2O_3$ (0.5 and 2.0 mol%). The varistor doped with 2.0 mol% $Er_2O_3$ exhibited the best clamp characteristics, with the clamp voltage ratio (K) in the range of K = 1.63~1.88 at the impulse currents of 5-50 A. However, the varistor doped with 0.5 mol% exhibited excellent electrical stability, with variation rates for the breakdown field, for the nonlinear coefficient, and for the leakage current density of -6.9%, -12.6%, and -14.3%, respectively, after application of an impulse current of 2.1 kA. In contrast, the varistor doped with 2.0 mol% was destroyed after application of an impulse current of 1.2 kA.