Disclosed is a light emitting diode (LED) having improved light extraction efficiency. The LED includes a light emitting structure which is positioned on a substrate and has a first conductive type semiconductor layer, an active layer and a second conductive type semiconductor layer. A first electrode pad is electrically connected to the first conductive type semiconductor layer. A second electrode pad is positioned on the substrate. An insulating reflective layer covers a portion of the light emitting structure, and is positioned under the second electrode pad, so that the second electrode pad is spaced apart from the light emitting structure. At least one upper extension is connected to the second electrode pad to be electrically connected to the second conductive type semiconductor layer. Further, a pattern of light extraction elements is positioned on the second conductive type semiconductor layer.