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Zinc oxide based metal oxide varistors (MOV) are widely used electrical surge protection components. Modern high power, high-density electronics post more requirements such as smaller footprints, higher current density and higher nonlinearity on MOVs. Such requirements can no longer be satisfied by commercially available MOVs due to their limited voltage capability, high leakage current and mechanical cracking related reliability issues, most of which are associated with the presence of non-uniformity, defects and coarse grain in their micro-structures. New formulations and processes have been developed to overcome such limitations. This work has identified compositions that can be sintered at relatively lower temperatures than typical commercial MOVs, but with largely improved I-V characteristics due to refined and uniform microstructure.