LEDs are a type of Solid-state lighting (SSL) technology that uses semi-conducting materials to convert electricity into light. SSL is an umbrella term encompassing both light-emitting diodes (LEDs) and organic light emitting diodes (OLEDs).
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Organic light-emitting diodes (OLEDs) are based on organic (carbon based) materials. In contrast to LEDs, which are small point sources, OLEDs are made in sheets which provide a diffuse area light source. OLED technology is developing rapidly and is increasingly used in display applications such as cell phones and PDA screens. However, OLEDs are still some years away from becoming a practical general illumination source. Additional advancements are needed in light output, color, efficiency, cost, and lifetime.
Source: US Department of Energy
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