An organic electroluminescent element and a display device exhibiting high emission efficiency and long life. The organic electroluminescent element contains a pair of electrodes having therebetween at least one constituting layer containing a phosphorescent light emitting layer, wherein one of the constituting layer contains a compound of Formula (1): wherein Z1 represents an aromatic heterocylic ring which may have a substituent; Z2 represents an aromatic heterocylic ring or an aromatic hydrocarbon ring both of which may have a substituent; Z3 represents a divalent linking group or a single bond; and R101 represents a hydrogen atom or a substituent.