Triplet excited states in organic semiconductors are usually optically dark and long-lived as they have a spin-forbidden transition to the singlet ground state and therefore hinder processes in light-harvesting applications. Also, triplets often cause damage to the system as they can sensitize the formation of reactive singlet oxygen. Despite these unfavorable characteristics, there exist mechanisms through which we can utilize triplet states, and that constitutes the scope of this review. Commencing with an introductory short exploration of the triplet state problem, we proceed to elucidate the principal mechanisms underpinning the utilization of triplet states in organic materials: 1. Phosphorescence (PH), 2. Thermally Activated Delayed Fluorescence (TADF), and 3. Triplet−Triplet Annihilation (TTA). In each section we unveil their working principles, highlight their vast range of applications, and discuss their limitations and perspectives. We dedicate special attention to the use of these mechanisms in organic light-emitting diodes (OLEDs), given that OLEDs represent the most thriving commercial application of organic semiconductors. This review aims to provide readers with insights and opportunities to engage with and contribute to the study of photophysical properties and device physics of organic semiconductors, especially regarding harnessing the potential of triplet states.