Abstract Wearable electronics require stretchable displays that can withstand large and repeated mechanical deformation without failure. Intrinsically stretchable organic light‐emitting diodes (ISOLEDs) that operate under DC voltage provide promising candidates for wearable display applications. However, the lack of sophisticated stretchable materials and processing techniques suitable for ISOLEDs results in a significant deficit in the efficiency of state‐of‐the‐art ISOLEDs compared to industrial standards. The design of stretchable conducting and semiconducting materials poses a significant challenge because of trade‐off relationships between stretchability and properties such as conductivity and charge carrier mobility. To increase the efficiency of ISOLEDs to meet industrial standards, strategies to overcome these trade‐offs must be developed. This perspective discusses recent progress and challenges in designing stretchable electrodes, light‐emitting materials, transport materials, and potential applications of ISOLEDs. It provides a useful guide in this field to develop efficient ISOLEDs for system‐level integration.