Stands for : LED stands for “Light Emitting Diode”. LCD stands for “Liquid Crystal Display”.
Backlight Technology : LED is a kind of LCD actually with advancement of technology. It replaces fluorescent tubes with backlight technology, which creates more clear images than LCD. LCD uses fluorescent tubes to light up the picture, but cannot provide clarity as LED does.
Color Accuracy : LED provides much better color accuracy than LCD. LCD also provides good color accuracy but if you compare both, then that minor difference is noticeable.
Power Consumption: LED consumes more power than LCD. LCD consumes less power than LED.
Contrast & Black Level : LED has better contrast and black level as it produces better black areas which give better quality of image. LCD is not good to create black areas hence have not good contrast as LED.
Picture Quality: LED display gives good picture quality than LCD. LCD also gives good picture quality but we can not deny the difference between them.
Viewing Angles: LED comes with wider viewing angles than the LCD. In LCD, in wider angle image is diminished with the 30 degree from the center then the ratio of contrast.
Price : If you are going to purchase LED, its expensive than LCD but have better quality of picture and better features than LCD. LCD is less expensive than LED. If you want to compromise a bit with quality, you can go for LCD.