Flexible and foldable displays are new types of displays that can bend, twist, and fold without breaking. The screens used for making foldable devices are known as Organic Light Emitting Diode (OLED), which are made up of organic compounds; when electricity is passed through them, they emit their own light. Flexible displays require highly dependable flexible OLEDs; however, there are still problems with flexible encapsulation technology that need to be addressed. This study examines innovations in the field of flexible and foldable displays and explores fundamental technologies, applications, advantages, and challenges. The working principles, structure, advantages, and applications of flexible and foldable display technologies are also discussed. This review examines the ongoing research and development efforts aimed at addressing these hurdles and provides insights into the future of flexible display technologies.