With the rapid development of the optoelectronic information industry, light-emitting diodes (LEDs) as the core unit of solid-state lighting and display equipment, have been widely concerned by researchers. According to the different driving modes, LEDs can be generally divided into constant voltage or direct current driven LEDs (DC-LEDs) and alternating current driven LEDs (AC-LEDs). Compared to DC-LEDs, AC-LEDs can effectively avoid the charge accumulation for the improved device efficiency and operational lifetime. In addition, AC-LEDs can be readily connected to AC power systems without voltage transformation and rectification systems, which greatly simplifies the device integration process with better practical application prospects. This review firstly introduces the light-emitting mechanism of AC-LEDs and summarizes several AC-LED device structures including double-insulation, single-insulation, double-injection, tandem and parallel structures. Then, the recent advances of various AC-LEDs are presented and the influences of various factors on device performance are discussed. It is found that the balanced carrier transport and the high dielectric properties of insulator are two key factors in achieving high-performance AC-LEDs. Finally, the opportunities and challenges for the future development of AC-LEDs are discussed.