Lithium niobate (LN) is a promising material for future complex photonic-electronic circuits, with wide applications in such fields as communications, sensing, quantum optics, and computation. LN took a great stride toward compact photonic integrated circuits (PICs) with the development of partially etched LN on insulator (LNOI) waveguides. However, integration density is still limited for future highly compact PICs, owing to the partial etching nature of their waveguides. Here, we demonstrate a fully etched LN PIC platform, which, for the first time to our knowledge, simultaneously achieves ultralow propagation loss and compact circuit size. The tightly confined fully etched LN waveguides with smooth sidewalls allow us to bring the bending radius down to 20 μm (corresponding to 1 THz free spectral range). We have achieved compact high Q microring resonators with Q/V of 8.7 × 104 μm-3, almost one order of magnitude larger than previous demonstrations. The statistical mean propagation losses of our LN waveguides is 8.5 dB/m (corresponding to a mean Q factor of 4.9 × 106), even with a small bending radius of 40 μm. Our compact and ultralow-loss LN platform shows great potential in future miniaturized multifunctional integration systems. As complementary evidence to show the utility of our platform, we demonstrate soliton microcombs with an ultrahigh repetition rate of 500 GHz in LN.