This paper emphasizes on the novel approaches for energy efficient and eco-friendly solid state lighting. Limitations and global haphazards of currently used lighting systems such as Incandescent lamps, compact fluorescent lamps can be overcome by replacing the present lighting system by green technology called solid state lighting, which is possible only with organic light emitting diodes (OLEDs) and polymer light emitting diodes (PLEDs). This paper also explains important characterization techniques used to evaluate the performance, efficiency, life time; colour rendering index (CRI), Internationale de l’Eclairage (CIE) coordinates and correlated color temperature (CCT) of OLEDs. Review of literature on red, blue, green (RBG) light emitting materials and OLED devices is illustrated since the very first synthesized complex and a range of device architectures are presented and appraised. Measures to increase the efficiency and the life time of OLEDs and handling the degradation issues of the organic materials for OLEDs are also discussed. With these measures if we succeed in improving the efficiency, performance and life time, the present lighting system can be replaced by eco-friendly, energy efficient green technology called Solid state lighting, which would play a significant role in reducing global energy consumption.