Multicolor light emitting diodes (LEDs) which emit red (R), green (G) and blue (B) light have been realized by stacking a two-color emission part on a single-color emission part. The former part consists of two emissive layers of red and blue light, which can be selected by changing the polarity of applied field. The latter part consists of a single-color emission part which emits green light. The emission from the diode in the whole visible spectral range can be modulated by the combination of applying various voltages to the two-color and to the single-color emission parts, separately.