Disclosed herein are a high efficiency light emitting diode and a method of fabricating the same. The light emitting diode includes a semiconductor stacked structure disposed on the support substrate and including a gallium nitride-based p-type semiconductor layer, a gallium nitride-based active layer, and a gallium nitride-based n-type semiconductor layer; and a reflecting layer disposed between the support substrate and the semiconductor stacked structure, wherein the semiconductor stacked structure includes a plurality of protrusions having a truncated cone shape and fine cones formed on top surfaces of the protrusions. By this configuration, light extraction efficiency of the semiconductor stacked structure having low dislocation density can be improved.