To provide an LED epitaxial wafer which has a uniform luminance characteristic distribution in a wafer surface even when the number of times of crystal growth becomes large and deposits stick on a holder, and to provide an LED manufactured using the same.

The LED epitaxial wafer is constituted by providing, on a substrate 2, an active layer 6 which emits light, a light guide-out surface for guiding the light emitted by the active layer 6 out, and a DBR layer 4 which is provided between a substrate 2 and the active layer 6 for reflecting the light emitted by the active layer 6 to the light guide-out side. The DBR layer 4 is so designed that a reflection wavelength of the DBR layer 4 becomes equal to a light emission wavelength of the active layer 6 on a wafer outer peripheral side, and then formed so that the difference between the light emission wavelength of the active layer 6 and the reflection wavelength of the DBR layer 4 becomes minimum on the wafer outer peripheral side.