The present invention provides a light emitting diode which comprises a substrate, a light emitting layer including an N-type semiconductor layer and a P-type semiconductor layer formed on the substrate, and a wavelength conversion layer formed on the light emitting layer or on the back of the substrate. The wavelength conversion layer is formed of a Group III nitride semiconductor doped with rare earth elements. The rare earth elements include at least one of Tm, Er and Eu. According to a light emitting diode of the present invention, a desired color can be implemented in various ways by converting the wavelength of primary light emitted from a light emitting chip. Thus, the reliability and quality of products can be improved due to the uniform emission of light with a desired color. Further, since the existing semiconductor process can be utilized in the present invention, its fabrication process can be simplified, process cost and time can be reduced, and the compact products can be obtained.