An anisotropic conductive film is provided that does not have a light-reflecting layer on a light emitting diode element which causes costs to increase when a light emitting device that uses an LED element is flip-chip mounted, and that does not cause emission efficiency to deteriorate. Further, a light emitting device that uses such an anisotropic conductive film is provided. This anisotropic conductive film has a structure in which a light-reflecting insulating adhesive layer and an anisotropic conductive adhesive layer are laminated, wherein the light-reflecting insulating adhesive layer has a structure in which light-reflecting particles are dispersed in an insulating adhesive. The light emitting device has a structure in which a light emitting diode element is flip-chip-mounted on a substrate, with this anisotropic conductive film provided between a connection terminal on the substrate and a bump for connection of the light emitting diode element.