The invention provides an LED epitaxial layer growing method and an LED epitaxial layer. The method for growing a P-type GaN layer comprises the steps that A, NH3 and Cp2Mg are introduced in a reaction chamber at the temperature of 900 DEG C to 950 DEG C, wherein pressure of a reaction cavity ranges from 200 mbar to 600 mbar, TMGa is closed, and pretreatment of doping Mg is carried out for 10 minutes-20 minutes; B, TMGa is introduced, Cp2Mg is closed, a GaN layer grows for 20 minutes-40 minutes, and the thickness of GaN is 5 nm-10 nm; the step A and the step B are repeated ten to twenty times until the total thickness of the P-type GaN layer is 80 nm-200 nm. According to the method, delta doping is used for growing the P-type GaN layer, the crystal quality of the P-type GaN layer is improved, the dislocation density is reduced, and hole concentration and the migration rate of P-type GaN are improved; more hole-electron pairs can be provided for light-emitting active areas of an LED device, the composite probability is improved, the brightness is promoted, and therefore photoelectric property of the LED device is improved.