Provided are a vertical GaN-based LED and a method of manufacturing the same. The vertical GaN-based LED includes an n-electrode. An AlGaN layer is formed under the n-electrode. An undoped GaN layer is formed under the AlGaN layer to provide a two-dimensional electron gas layer to a junction interface of the AlGaN layer. A GaN-based LED structure includes an n-type GaN layer, an active layer, and a p-type GaN layer that are sequentially formed under the undoped GaN layer. A p-electrode is formed under the GaN-based LED structure. A conductive substrate is formed under the p-electrode.