Organic light emitting diodes (OLEDs) have attracted much attention in recent years as next generation lighting and displays, due to their many advantages, including superb performance, mechanical flexibility, ease of fabrication, chemical versatility, etc. In order to fully realize the highly flexible features, reduce the cost and further improve the performance of OLED devices, replacing the conventional indium tin oxide with better alternative transparent conducting electrodes (TCEs) is a crucial step. In this review, we focus on the emerging alternative TCE materials for OLED applications, including carbon nanotubes (CNTs), metallic nanowires, conductive polymers and graphene. These materials are selected, because they have been applied as transparent electrodes for OLED devices and achieved reasonably good performance or even higher device performance than that of indium tin oxide (ITO) glass. Various electrode modification techniques and their effects on the device performance are presented. The effects of new TCEs on light extraction, device performance and reliability are discussed. Highly flexible, stretchable and efficient OLED devices are achieved based on these alternative TCEs. These results are summarized for each material. The advantages and current challenges of these TCE materials are also identified.