A light-emitting device includes a first electrode. a second electrode facing the first electrode, and an interlayer between the first electrode and the second electrode and including an emission layer. The emission layer may include a hole transporting host, an electron transporting host, a sensitizer, and a delayed fluorescence dopant. The hole transporting host and the electron transporting host may form an exciplex. The sensitizer may include an organometallic compound. The delayed fluorescence dopant may not include a metal atom, and the exciplex may satisfy specific Equations.