Thermal stability of indium tin oxide ͑ITO͒/Ag-based reflective contacts to p-GaN was investigated for their application to vertical structure GaN-based light-emitting diodes ͑LEDs͒. The ITO/Ag-based p-contacts showed good ohmic property with low specific contact resistance of 10 −4 -10 −5 ⍀ cm 2 . In order to study the thermal degradation of the ITO/Ag-based p-contacts, they were annealed at 400°C for 72 h in air. The reflectance of ITO/Ag and ITO/Ni/Ag was significantly reduced due to Ag degradation on annealing. However, the reflectance of ITO/Ni/Ag/Ni/Au and ITO/Ni/Ag/W/Cu was not degraded on annealing, but instead it was slightly increased to 81.4% and 83.7% at 460 nm, respectively, because the Ag reflector was protected with Ni/Au or W/Cu encapsulation layers. Moreover, on annealing of the ITO/Ag-based p-contacts, the vertical structure GaN-based LEDs with thermally stable ITO/Ni/Ag/Ni/Au and ITO/Ni/Ag/W/Cu p-contacts showed higher output power of 132 mW and 142 mW at 350 mA, respectively, compared to those with thermally unstable ITO/Ag and ITO/Ni/Ag p-contacts.