Due to its unique valence electron distribution characteristics that the number of valence electron is less than the number of valence orbital, boron has an empty p orbit. It makes its tri-coordinated compounds can be effectively conjugated with the adjacent π system, and also can easily complex with the Lewis base to form a tetra-coordinated compound. The introduction of boron into traditional photoelectric functional molecules always brings unique photoelectric properties to the whole system, which has become an important idea for the design of new organic photoelectric functional molecules. In this paper, developments on tri-coordinated compounds and tetra-coordinated compounds of boron and performance of their OLED devices are reviewed around the aspects of molecular design, photoelectric properties of compounds, device structure and efficiency. The future development is also discussed.