A light-emitting element includes a light transmissive substrate; a first semiconductor stacked body including: a first n-side semiconductor layer, and a first p-side semiconductor layer, the first p-side semiconductor layer having a hole formed therein; a first p-electrode; a first n-electrode having a portion above the first p-electrode, and a portion extending into the hole, the first n-electrode being electrically connected to the first n-side semiconductor layer through the hole; a second semiconductor stacked body including: a second n-side semiconductor layer located around a periphery of the first semiconductor stacked body, and a second p-side semiconductor layer located above the second n-side semiconductor layer and located outside of an inner edge portion of the second n-side semiconductor layer; a second p-electrode; and a second n-electrode having a portion above the second p-electrode, and being electrically connected to the inner edge portion of the second n-side semiconductor layer.