Abstract The in situ formation of a light‐emitting p–n or p–i–n junction in light‐emitting electrochemical cells (LECs) necessitates mixed ionic–electronic conductors in the active layer. This unique characteristic requires electronic, luminescent, and ionic ingredients that work synergistically in the LECs. The material requirements that lead to promising electroluminescent properties are discussed and the important components reported so far are surveyed. Particular attention is paid to the working mechanisms behind junction formation and stabilization to create efficient and stable electroluminescence in conjugated‐polymer‐based LECs. Keeping these fundamentals in mind explains how LEC devices have evolved from classic conjugated polymer blends into highly stable crosslinked, hybrid composite, and stretchable device architectures. To conclude, a future development strategy is proposed based on a dual approach: develop new materials specifically for LEC devices and explore novel ways to efficiently process and stabilize the p–i–n junction, which will drive improvements in both LEC external quantum efficiency and operating lifetime toward truly low‐cost solid‐state lighting applications.