For accurate and reliable measurement of the internal quantum efficiency (IQE) of light-emitting diodes (LEDs), the method should be theoretically solid and experimentally simple to use without any prior assumption of physical parameters or complicated equipment. In this paper, we critically review the conventional characterization techniques for measuring the IQE of LEDs, including the methods based on temperature-dependent electroluminescence and constant AB(C) models. After reviewing the limitations of the existing IQE measurement techniques, we present the recently proposed method based on the improved AB model, called room-temperature reference-point method (RTRM). The RTRM is then applied to various LED devices to show how the IQE measurement techniques can be utilized to analyze their optoelectronic performances quantitatively.