An epitaxial
wafer, a light-emitting element, a method of fabricating the epitaxial
wafer and a method of fabricating the light-emitting element, which have a high output and a low
forward voltage, and can be fabricated without increasing fabricating cost, are provided. The epitaxial
wafer is formed with a light-emitting portion, a reflective portion provided between a
semiconductor substrate and the light-emitting portion and a current dispersing layer having first and second current dispersing
layers, wherein the reflective portion has plural pairs of
layers having first and second
semiconductor layers wherein the first
semiconductor layer has a thickness of TA defined by Equation (1),TA=λp4nA1-(nInsinθnA)2(1)the second semiconductor layer has a thickness of TB defined by Equation (2),TB=λp4nB1-(nInsinθnB)2(2)and the second current dispersing layer has a high carrier density or a high
impurity density and is provided with the convexoconcave portion on the surface.