Visible light communication (VLC), which will primarily support high-speed internet connectivity in the contemporary world, has progressively come to be recognized as a significant alternative and reinforcement in the wireless communication area. VLC has become more popular recently because of its many advantages over conventional radio frequencies, including a higher transmission rate, high bandwidth, low power consumption, fewer health risks, and reduced interference. Due to its high-bandwidth characteristics and potential to be used for both illumination and communications, micro-light-emitting diodes (micro-LEDs) have drawn a lot of attention for their use in VLC applications. In this review, a detailed overview of micro-LEDs that have long emission wavelengths for VLC is presented, along with their related challenges and future prospects. The VLC performance of micro-LEDs is influenced by a number of factors, including the quantum-confined Stark effect (QCSE), size-dependent effect, and droop effect, which are discussed in the following sections. When these elements are combined, it has a major impact on the performance of micro-LEDs in terms of their modulation bandwidth, wavelength shift, full-width at half maximum (FWHM), light output power, and efficiency. The possible challenges faced in the use of micro-LEDs were analyzed through a simulation conducted using Crosslight Apsys software and the results were compared with the previous reported results. We also provide a brief overview of the phenomena, underlying theories, and potential possible solutions to these issues. Furthermore, we provide a brief discussion regarding micro-LEDs that have emission wavelengths ranging from yellow–green to red colors. We highlight the notable bandwidth enhancement for this paradigm and anticipate some exciting new research directions. Overall, this review paper provides a brief overview of the performance of VLC-based systems based on micro-LEDs and some of their possible applications.