Changes of luminescence spectra and electrical properties of light-emitting diodes (LED’s) based on InGaN/AlGaN/GaN heterostructures were investigated over a long period of operation. Blue and green LED’s with InGaN single quantum wells were studied at currents up to 80 mA for 102−2.103 hours. An increase of luminescence intensity at operating currents of 15 mA was detected at the 1st stage of aging (100−800 hours) and a slow fall was detected in the 2nd stage. Greater changes of spectra were observed at low currents (< 0.15 mA). A study of charged acceptor distribution in the space charge region has shown that at the 1st stage their concentration grows, and in the 2nd stage, it falls. The models for the two stages are proposed: 1) activation of Mg due to destruction of residual Mg-H complexes; 2) formation of donor vacancies N. A model of defect formation by hot electrons injected into the quantum well is discussed.