The organic light‐emitting diode (OLED) is considered the ultimate technology for displays because of its unique form factor and its ability to produce vibrant colors. It is being actively studied for use as the most desired broadband light source for next‐generation solid‐state lighting. Already, small active matrix OLED (AMOLED) displays have become popular in smartphones worldwide and even large‐sized (55 in.) AMOLED televisions are now commercially available. The key features of OLED include high energy efficiency, high color quality, environmental friendliness, and most distinctively, an ultrathin and flexible form factor, which provides a unique opportunity for a plethora of innovative designs such as wearable screens, semitransparent displays, and lighting panels. In this article, the fundamental concepts and current status of OLEDs will be presented.