A light-reflective anisotropic conductive paste is used as an anisotropic conductive paste when a light-emitting device is produced by flip-chip mounting a light-emitting element such as a light-emitting diode element (LED) on a wiring board. The light-reflective anisotropic conductive paste includes light-reflective insulating particles, in order to improve light emission efficiency without providing, in the LED, a light-reflecting layer that causes an increase in manufacturing cost. With the light-reflective anisotropic conductive paste, a reduction in bonding strength of the light-emitting element to the wiring board in a high-temperature environment can be suppressed, and a reduction in conduction reliability after a TCT can also be suppressed. In the light-reflective anisotropic conductive paste, conductive particles and the light-reflective insulating particles are dispersed in a thermosetting resin composition. The thermosetting resin composition contains an epoxy compound and a thermal catalyst-type curing agent.