Organic Light-Emitting Diodes (OLEDs) have already been a prominent display technology in various applications for many decades, ranging from smartphones and televisions to wearable devices and lighting. It is important to understand the current state of OLED research in order to assess its progress, identify challenges, and explore more potential ways for further development. In this paper, the significance and widespread adoption of OLED technology are briefly introduced, and its advantages over traditional display technologies are highlighted. The paper then provides a concise overview of the major components and working principles of OLEDs without delving into basic notions. The paper discusses both small molecule OLEDs (SMOLEDs) and polymer OLEDs (POLEDs), emphasizing their unique structure, characteristics and properties. Different strategies employed to enhance OLED performance is investigated, including the regulation of band gaps that influence the efficiency and brightness. This paper also focuses on the evaluation of device reliability and stability aspects. The techniques and materials employed in studies related to OLED development are also discussed with many searched experimental data and ongoing research activities. Furthermore, the research content covered the aspects of recent commercial advancements in OLED technology, such as Active matrix OLEDs (AMOLED) and Passive matrix (PMOLED). The review provides a guideline for researchers, industry professionals, and enthusiasts to better understand the OLED technology into its details, potential, and the areas that require further exploration.