This work presents a novel field emission organic light emitting diode (FEOLED), in which an inorganic phosphor thin film is replaced by an organic EL light-emitting layer in the configuration of a field emission display (FED). The field emission electrons emitted from the carbon nanotubes (CNTs) cathode of the proposed FEOLED intensify the electron density in the multi-layer organic materials of the OLED; thus, resulting a higher luminous efficiency than that of a conventional OLED. Additionally, the luminance of the proposed FEOLED can be further increased from 10,820 cd/m2 to 27,393 cd/m2 by raising the current density of OLED through an external electron source. A balanced quantity of electrons and holes in the OLED, which is achieved by the proposed FEOLED increases the number of excitons and attributes the enhancement of luminous efficiency of the OLED. Under the same operating current density, the proposed FEOLED exhibits a higher luminous efficiency than that of a conventional OLED.