Provided is an organic light emitting device that includes a bypass transistor between a cathode layer and an anode layer and a method of manufacturing the same. The organic light emitting device includes a substrate; a cathode layer and an anode layer separated by a predetermined distance on the substrate; an electron transfer layer and light emitting layer sequentially stacked on the cathode layer; a current control unit that controls current flow between the cathode layer and the anode layer, the current control unit being formed between the cathode layer and the anode layer; a hole transfer layer separated from the current control unit and connecting the light emitting layer and the anode layer; a protective layer formed on the hole transfer layer; a first insulating layer sealed by the protective layer and contacting outer surfaces of a stack stacked on the cathode layer; a second insulating layer surrounding a portion of the current control unit to which an external voltage is applied; and a third insulating layer formed on the substrate around the anode layer, the third insulating layer contacting at least the outer surface of the anode layer and being sealed by the protective layer.