This article presents a review on various aspect of organic light emitting diodes (OLEDs), such as their working, various categorization, impact of fabrication methodologies (organic vapor phase deposition, vacuum thermal evaporation, inkjet printing etc.) that are low-cost and their applications in serval domains like medical, sensor, display, lighting etc. Three categorizations of OLED are discussed with respect to circuit, architecture and color of emission. Different layers of multi-layered structures such as injection layer, transport layer, block layers are also reviewed and their impacts are analyzed and compared. Moreover, an experimental fabrication technique for flexible substrate is reviewed that highlights low-cost fabrication method. In this technique, dynamic viscosity and contact angle are measured using rotational viscometer and contact angle meter, respectively. The result illustrates sheet resistance and effective opening ratio of 3.8 ohms per square and 82.5%, correspondingly. Additionally, various performance parameters like luminescence, external quantum efficiency, and current efficiency are compared. The paper also incorporates recent advancement in organic thin film transistors along with some OTFT driven OLED devices.