Solid State Lighting is a rapidly growing new technology in the field of lighting. By utilizing the concepts of solid-state physics and electronics, it generates light. Light emitting diodes and organic light emitting diodes pose several advantages over the current lighting technology but they still require development and research for using them to their full potential. In this paper the characteristics, sources of uncertainty, and market status of light emitting diode are reviewed to provide more suitable research directions for advancement in the field of solid-state lighting. Challenges faced by Light emitting diodes for maintaining color and visual comfort are also illustrated. Failure modes and environmental impact of light emitting diodes are also analysed. Quantum dot based solid state lightening is also presented to study the chromatic characteristics. Some critical factors of concern for broader application of light emitting diodes and additional enhancements in electrical, optical, temperature characteristic, high power output and color furnishing capabilities are also demonstrated in paper. Light emitting diodes wattage output and efficiency are also discussed for practical viability of solid state devices in emerging fields. The extension lead of current LED technology in evolving applications are considered as accumulation of numerous technologies such as wireless, communication, sensors and control engineering. Undoubtedly, LED engineering is contemporary and the price maybe unreasonable. Nevertheless, it will find its usage in very nearly all applications and the initiation of new techniques that might lessen the cost. © 2019 Insight Society.