Organic thin‐film electroluminescent (EL) devices, such as organic light‐emitting diodes (OLEDs), typically operate using constant voltage or direct current (DC) power sources. Such approaches require power converters (introducing power losses) and make devices sensitive to dimensional variations that lead to run away currents at imperfections. Devices driven by time‐dependent voltages or alternating current (AC) may offer an alternative to standard OLED technologies. However, very little is known about how this might translate into overall performance of such devices. Here, a solution‐processed route to creating highly efficient AC field‐induced polymer EL (FIPEL) devices is demonstrated. Such solution‐processed FIPEL devices show maximum luminance, current efficiency, and power efficiency of 3000 cd m−2, 15.8 cd A−1, and 3.1 lm W−1 for blue emission, 13 800 cd m−2, 76.4 cd A−1, and 17.1 lm W−1 for green emission, and 1600 cd m−2, 8.8 cd A−1, and 1.8 lm W−1 for orange‐red emission. The high luminance and efficiency, and solution process pave the way to industrial roll‐to‐roll manufacturing of solid state lighting and display.