Disclosed is a polycyclic compound that can be employed in various organic layers of an organic electroluminescent device. The polycyclic compound has a characteristic skeleton structure and characteristic substituents. Also disclosed is an organic electroluminescent device including the polycyclic compound. The organic electroluminescent device includes a light emitting layer employing the polycyclic compound as a dopant and an anthracene derivative having a characteristic structure as a host. The use of the polycyclic compound significantly improves the luminous efficiency and life characteristics of the organic electroluminescent device and makes the organic electroluminescent device highly efficient and long lasting.