A compound semiconductor light-emitting device which includes an n-type semiconductor layer, a light-emitting layer and a p-type semiconductor layer, that are made of a compound semiconductor, formed on a substrate, the n-type semiconductor layer and the p-type semiconductor layer are stacked so as to interpose the light-emitting layer therebetween, a first conductive transparent electrode and a second conductive electrode. The first conductive transparent electrode is made of an IZO film containing an In2O3 crystal having a bixbyite structure. Also discussed is a method of manufacturing the device.