A light-emitting device and a method of manufacturing the same are provided. The light-emitting device includes a compound semiconductor structure having a first N-type compound semiconductor layer, an active layer, and a P-type compound semiconductor layer, a P-type electrode layer that is disposed on the P-type compound semiconductor layer and electrically connects with the P-type compound semiconductor layer, a plurality of insulation walls disposed at two sides of the compound semiconductor structure and the P-type electrode layer, a plurality of N-type electrode layers penetrating the plurality of insulation walls, and a conductive substrate on which a plurality of N-type electrode connecting layers respectively corresponding to a plurality of N-type electrode layers are separated from a P-type electrode connecting layer corresponding to the P-type electrode layer.