Flat-panel displays are basically of two types: light valve (needs an external source of light) and emissive type (generates light at the display surface). The light emitting diode (LED) display is of the emissive type. The inorganic LED displays have been in use for more than 25 years in one form or the other. Because of certain limitations of inorganic materials (such as luminous efficiency and color), LED applications have been limited. The recent discovery (over the past 15 years) of polymer and organic materials has changed LED prospects. It now may become possible to make LED displays that are inexpensive, bright, low-power, large size, and at the same time provide full color. If present research objectives are met, LEDs, especially organic LEDs (OLEDs), may have the potential to revolutionize a certain segment of flat- panel display market. This paper discusses various types of OLED technologies with particular reference to Small Molecule and Conjugated Polymer displays. Some unique versions of these displays such as transparent displays and flexible displays will also be discussed. A part of the discussion will be devoted to various driver circuitry and full color generation schemes. A comprehensive list of various research efforts in OLED technology all over the world will be presented with their differentiating features. The strength of the underlying technology and the challenges facing these types of displays will be discussed.