Disclosed is a light emitting diode (LED) with an improved structure. The LED comprises an N-type semiconductor layer, a P-type semiconductor layer and an active layer interposed between the N-type and P-type semiconductor layers. The P-type compound semiconductor layer has a laminated structure comprising a P-type clad layer positioned on the active layer, a hole injection layer positioned on the P-type clad layer, and a P-type contact layer positioned on the hole injection layer. Accordingly, holes are more smoothly injected into the active layer from the P-type semiconductor layer, thereby improving the recombination rate of electrons and holes.