Disclosed is a light emitting diode (LED) having improved light extraction efficiency. The LED includes a light emitting structure positioned on a substrate and having a first semiconductor layer, an active layer and a second semiconductor layer. A first electrode pad is electrically connected to the first semiconductor layer. A second electrode pad is positioned on the substrate. An insulating reflective layer covers a portion of the light emitting structure, and is positioned under the second electrode pad, so that the second electrode pad is spaced apart from the light emitting structure. At least one upper extension is connected to the second electrode pad to be electrically connected to the second semiconductor layer. Further, a pattern of light extraction elements is positioned on the second semiconductor layer.