An epitaxial wafer, a light-emitting element, a method of fabricating the epitaxial wafer and a method of fabricating the light-emitting element, which have a high output and a low forward voltage, and can be fabricated without increasing fabricating cost, are provided. The epitaxial wafer is formed with a light-emitting portion, a reflective portion provided between a semiconductor substrate and the light-emitting portion and a current dispersing layer having first and second current dispersing layers, wherein the reflective portion has plural pairs of layers having first and second semiconductor layers wherein the first semiconductor layer has a thickness of TA defined by Equation (1), T A = λ p 4 ⁢ n A ⁢ 1 - ( n I ⁢ n ⁢ sin ⁢ ⁢ θ n A ) 2 ( 1 ) the second semiconductor layer has a thickness of TB defined by Equation (2), T B = λ p 4 ⁢ n B ⁢ 1 - ( n I ⁢ n ⁢ sin ⁢ ⁢ θ n B ) 2 ( 2 ) and the second current dispersing layer has a high carrier density or a high impurity density and is provided with the convexoconcave portion on the surface.