Disclosed are a GaN based compound semiconductor light emitting diode (LED) and a manufacturing method therefor. In the LED, a combination of a light extraction layer and an adaptive layer is formed over a multi-layer epitaxial structure,wherein the light extraction layer is a light transmissible impurity doped metal oxide and the adaptive layer is a Ni/Au layer used to enhance ohmic contact between the light extraction layer and the multi-layer epitaxial structure.