The invention provides a light-emitting 
diode with a novel P-type 
electron barrier layer structure and a growth method. The LED 
epitaxy structure of the light-emitting 
diode comprises a substrate, a low-temperature GaN buffer layer, a GaN non 
doping layer, an N-type GaN layer, a 
multiple quantum well layer, a low-temperature GaN layer, a P-type InAlGaN 
electron barrier layer, a high-temperature P-type GaN layer and a P-type 
contact layer which are sequentially arranged from bottom to top. According to a P-type InyAlxGal-x-yN 
electron barrier layer of the 
composite structure, In components are added, and the InyAlxGal-x-yN 
lattice constant is adjusted, so that lattice matching between the P-type GaN layer and the 
multiple quantum well layer can be achieved, 
dislocation density is reduced, lattice quality is improved, and expected energy 
band gap value and energy band drift rate are obtained. Consequently, 
electron leakage is effectively reduced, and the 
injection rate of holes is improved. Moreover, a gradually-changing structure of the P-type InAlGaN drift rate is designed, and the restriction to hole vertical migration is avoided, so that the injection efficiency of holes is improved, and the light-emitting efficiency of a GaN-based light-emitting 
diode is further improved.