This review outlines problems and progress in development of solution‐processed organic light‐emitting diodes (SOLEDs) in industry and academia. Solution processing has several advantages such as low consumption of materials, low‐cost processing, and large‐area manufacturing. However, use of a solution process entails complications, such as the need for solvent resistivity and solution‐processable materials, and yields SOLEDs that have limited luminous efficiency, severe roll‐off characteristics, and short lifetime compared to OLEDs fabricated using thermal evaporation. These demerits impede production of practical SOLED displays. This review outlines the industrial demands for commercial SOLEDs and the current status of SOLED development in industries and academia, and presents research guidelines for the development of SOLEDs that have high efficiency, long lifetime, and good processability to achieve commercialization.