Provided are a reflective electrode and a compound semiconductor light emitting device, such as an LED or an LD, including the same. The reflective electrode, which is formed on a p-type compound semiconductor layer, includes: a first electrode layer forming an ohmic contact with the p-type compound semiconductor layer; a second electrode layer disposed on the first electrode layer and formed of transparent conductive oxide; and a third electrode layer disposed on the second electrode layer and formed of an optical reflective material.