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Before the thought process of Organic Light Emitting Diodes (OLED), the then-existing technology for display and lighting applications were cathode ray tubes, tungsten bulbs, plasma display panels (PDP), and liquid crystal displays (LCD). Later, a new field concerned with energy-efficient organic electronic materials emerged for display purposes. Since the 1960s, thousands of new compounds/molecules with different structures and architectures have been reported that can be used as emissive material in OLEDs. Polymers, oligomers, polymer-metal complexes, and even small molecules can be used as emissive layers in OLEDs. Interestingly, compounds derived from organic heterocycles are appealing candidates for generating intriguing materials, such as low-bandgap semiconductors, high-potential semiconductors, photovoltaic materials, luminescent materials, and high-performance polymer solar cells. Among the heterocyclic organic compounds, thiophene is considered an efficient precursor to produce such highly applicable small molecules. This review focuses on thiophene-based small molecules, in which electrochemical, optical, and electrical properties of Organic Light-Emitting Diodes (OLED) are controlled by electron donor and electron acceptor moieties. [ABSTRACT FROM AUTHOR]