A light emitting device is provided where an area occupied by capacitors is decreased, luminance variations of light emitting elements caused by characteristics variations or fluctuations of the gate voltage Vgs of driving TFTs can be suppressed. Each of multiple pixels includes a light emitting element, a first transistor for determining a current value supplied thereto, a second transistor for selecting emission/non-emission thereof according to video signals, a first power supply line, and a second power supply line shared by the multiple pixels. In addition, a compensation circuit is provided each of which includes a third transistor whose gate and drain are connected to the second power supply line, and a fourth transistor for controlling the connection between a third power supply line and the gate and drain of the third transistor. The first and second transistors are connected in series between the light emitting element and the first power supply line, and the gate of the first transistor is connected to the second power supply line.