A light emitting diode and a method of fabricating the same, the light emitting diode including: a gallium nitride-based compound semiconductor layer; a first metal layer including Mg and disposed in the form of islands that are in ohmic contact with the gallium nitride-based compound semiconductor layer; a second metal layer including Ni, covering the first metal layer, and contacting the gallium nitride-based compound semiconductor layer between the islands of the first metal layer; and a reflective metal layer covering the second metal layer.