People's demand for lighting and display is gradually increasing as society and technology progress. Therefore, the scientific community has been eager to find a new kind of luminescent material suitable for industrial society. The effort paid off, as scientists discovered light conversion and its efficient Organic Light Emitting Diode materials through experiments. These materials can be divided into three distinct generations as a result of continuous updating and iteration: the first-gen (first generation) of fluorescent materials, the second- gen of phosphorescent materials, and the third-gen of TADF. In order to let the public better understand the development history of OLED materials, this paper will focus on the mechanism of different materials to discuss the schemes and introduce some of the latest applications of these materials. At the end of this review, it will illustrate why TADF the third generation of OLED light emitting material is the most promising in terms of practical applications compared with other materials and the vision of the future of OLED.