We demonstrate an alternating current (AC)-driven organic light emitting diodes (OLED) with lithium fluoride (LiF) insulating layers fabricated using simple thermal evaporation. Thermal evaporated LiF provides high stability and excellent capacitance for insulating layers in AC devices. The device requires a relatively low turn-on voltage of 7.1 V with maximum luminance of 87 cd/m(2) obtained at 10 kHz and 15 Vrms. Ultraviolet photoemission spectroscopy and inverse photoemission spectroscopy are employed simultaneously to examine the electronic band structure of the materials in AC-driven OLED and to elucidate the operating mechanism, optical properties and electrical characteristics. The time-resolved luminance is also used to verify the device performance when driven by AC voltage.