Nowadays, OLEDs have shown aesthetic potential in smart cards, sensor displays, other electronic devices, sensitive medical devices and signal monitoring etc. due to their wide range of applications like low power consumption, high contrast ratio, speed highly electroluminescent, wide viewing angle and fast response time. In this paper, a highly efficient organic LED ITO/V2O5/Alq3/TPBi/BPhen/LiF/Al with low turn-on voltage and high optically efficiency is presented including electrical and optical characteristics. The simulation of electrical characteristics like current versus applied voltage, current density versus applied voltage, recombination prefactor versus excess carrier density characteristics and optical characteristics like light flux versus current density, light flux versus applied voltage and optical efficiency versus applied voltage has been explained. The physical design, working principle and thickness of different layers along with the process of formation of singlet and triplet excitons are discussed in detail. Here double electron transport layer (ETL), cathode layers are used to enhance the electrical and optical efficiency of OLED. The operating voltage is found to be ~ 3.2 V for the ITO/V2O5/Alq3/TPBi/BPhen/LiF/Al heterostructure based OLED. The designed organic LED has achieved the maximum optical efficiency at 3 V.