The present disclosure discloses an electroluminescent diode and a display device. The electroluminescent diode includes a cathode, a luminescent layer, a hole transport layer and an anode. The hole transport layer has a hole injection control structure, the hole injection control structure includes a first hole conduction layer and a second hole conduction layer that are stacked, and a material of the second hole conduction layer is a material used in the first hole conduction layer that is P-type doped. The hole injection control structure may significantly improve the performance of hole injection in the electroluminescent diode, so as to balance a number of carriers in the electroluminescent diode, thereby effectively improving the luminescence performance and prolonging the service life thereof.