A light-emitting element having extremely high efficiency of approximately 25% is provided. The light-emitting element includes a light-emitting layer which contains a phosphorescent guest, an n-type host, and a p-type host, where the light-emitting layer is interposed between an n-type layer including the n-type host and a p-type layer including the p-type host, and where the n-type host and the p-type host are able to form an exciplex in the light-emitting layer. The light-emitting element exhibits an extremely high emission efficiency (power efficiency of 74.3 lm/W, external quantum efficiency of 24.5%, energy efficiency of 19.3%) at a low driving voltage (2.6 V) at which luminance of 1200 cd/m<2> is attainable.