Presently, liquid crystal displays (LCDs) and organic light-emitting diode (OLED) displays are two dominant flat panel display technologies. Recently, inorganic mini-LEDs (mLEDs) and micro-LEDs (μLEDs) have emerged by significantly enhancing the dynamic range of LCDs or as sunlight readable emissive displays. “mLED, OLED, or μLED: who wins?” is a heated debatable question. In this review, we conduct a comprehensive analysis on the material properties, device structures, and performance of mLED/μLED/OLED emissive displays and mLED backlit LCDs. We evaluate the power consumption and ambient contrast ratio of each display in depth and systematically compare the motion picture response time, dynamic range, and adaptability to flexible/transparent displays. The pros and cons of mLED, OLED, and μLED displays are analysed, and their future perspectives are discussed.