A light-emitting device including a heterocyclic compound represented by Formula 1 and a phosphorescent dopant, and an electronic apparatus including the light-emitting device are provided. Formula 1 is the same as described in the present specification. The light-emitting device includes: a first electrode, a second electrode facing the first electrode, an interlayer between the first electrode and the second electrode and including an emission layer, and the heterocyclic compound represented by Formula 1.