The invention discloses a fabrication method for a light emitting diode epitaxial wafer. The fabrication method comprises the steps of coating a sapphire substrate with a photoresist to manufacture a pattern, meanwhile, implanting an alignment mark, performing dry etching to form a conical-shaped pattern and meanwhile, manufacturing an alignment mark of a stepping photoetching machine, and then cleaning completely; after the patterned substrate is manufactured, enabling an epitaxial layer U-GAN layer to be grown, taking out an epitaxial wafer and coating the epitaxial wafer with the photoresist, performing sleeving by the stepping photoetching machine, and forming pores in the conical-shaped pattern; performing dry etching, and then removing adhesive and cleaning completely to form cylindrical-shaped holes; and enabling an N type semiconductor layer, a light emitting layer and a P type semiconductor layer to be continuously grown on the epitaxial wafer until the epitaxial wafer with a complete structure is formed, and supplementing the holes through transverse growth in the epitaxial layer U-GAN layer growth to form the light emitting diode epitaxial wafer with air columns in the interior. The invention also discloses the light emitting diode epitaxial wafer. Due to the existence of the air columns, the lighting effect of the light emitting diode chip is improved.