Organic light-emitting diode (OLED) technology has rapidly emerged in the display and lighting sectors due to its high contrast ratio, wide viewing angle, and sleek design. Beyond these attributes, OLEDs have also demonstrated crucial applications in medicine, fashion, sports, and more, leveraging their emissive properties and flexible design. As the cornerstone of full-color displays, blue OLEDs, whose performance directly impacts color rendition and saturation, have garnered significant attention from both scientific researchers and industrial practitioners. Despite the numerous advantages of OLED technology, blue OLEDs still confront formidable challenges in terms of luminous efficiency, durability, and material stability. This review examines the evolution of blue OLED materials over recent years, specifically focusing on three generations: fluorescent, phosphorescent, and thermally activated delayed fluorescence (TADF). Through molecular design, device structure optimization, and the application of innovative technologies, remarkable advancements have been achieved in enhancing the luminous efficiency, lifetime, and color purity of blue OLEDs. However, to advance commercialization, future efforts must not only ensure high efficiency and long lifetime but also improve material stability, environmental sustainability, and reduce development costs. Emerging materials such as thermally activated exciton materials and the application of hyperfluorescent (HF) OLED technology represent vital driving forces for the continuous advancement of blue OLED technology. It is anticipated that significant milestones will continue to be achieved in the development of highly efficient blue OLEDs in the future.