Luminescent discotic liquid crystals (L-DLCs) are advanced functional materials that exhibit remarkable characteristics in both molecular structure and luminescent properties. This review provides a comprehensive overview of the molecular design, performance modulation, and applications of L-DLCs. First, the basic concept, typical molecular structure, and liquid crystalline phases of these materials are introduced. The review then discusses in detail the excellent performance of L-DLCs in both fluorescence and phosphorescence mechanisms, with molecular design strategies enabling light emission across different wavelength ranges. Next, the applications of L-DLCs in organic electronic devices are highlighted. Finally, the current state and future trends in this field are summarized, with a focus on molecular structure optimization, improvements in fabrication processes, and the development of device integration strategies, aiming to enhance the overall performance of L-DLCs and accelerate their practical applications in organic electronic devices.