ZnO varistor with composition of 89wt%-ZnO, 3.0wt%-$Bi_{2}O_{3}$, 3.6wt%-$Sb_{2}O_{3}$, 1.16wt%-CoO, 0.88wt%-NiO, 0.71wt%-$MnO_2$, 0.93wt%-$Cr_{2}O_{3}$, 0.013wt%-$Al_{2}O_{3}$ was fabricated by sintering methods. The effects of annealing on the J-E characteristics of ZnO varistors were investigated. These changes of electric properties were found to be caused by the variation of grains and grain boundary related to annealing. And the conductive mechanism and micostructure of ZnO varistor were researched using I-V meter, SEM and XRD.