Around 20% of the electrical power generated on the planet is consumed inefficiently in lighting application. With the running out of the fossil fuels; lighting utilization will seriously contribute to the worldwide energy problem in the approaching future. Hence measures are to be taken right from this instant in order to conquer the power shortage problem by efficiently utilizing the available power. White organic light-emitting diodes (WOLEDs) and displays represent the next generation energy-saving light source to alleviate the energy crisis. Within the last decade OLEDs have become an internationally highly recognized unique area light source, which has immense potential for the recent display applications and paves a novel path to create white light. This paper reflects the recent advances in the OLED materials and the critical tactics employed in designing the anatomy of OLED devices for energy-saving solid-state lighting (SSL) towards lighting revolution. Novel transparency electrodes for flexible OLEDs, the stability of OLEDs, topical progress regarding various materials used for different layers to fabricate eco friendly and energy efficient OLEDs by innovative fabrication techniques and the necessity of encapsulation are also discussed. In addition, the ongoing challenges and future perspectives of this research frontier with certain measures that can be employed to reduce the driving voltage, minimize the degradation issues and augmentation of their life time are illustrated. Once we accomplish the said challenges, OLEDs can be considered as next generation flat panel displays and solid state lighting sources, which would proffer a world of expanding opportunities in the field of lighting.