The Royal Swedish Academy of Sciences said the invention is just 20 years old, "but it has already contributed to create white light in an entirely new manner to the benefit of us all."
Akasaki, 85, is a professor at Meijo University and distinguished professor at Nagoya University. Amano, 54, is also a professor at Nagoya University, while the 60-year-old Nakamura is a professor at the University of California, Santa Barbara.
Using the blue light, LED lamps emitting white light could be created in a new way.
"As about one fourth of world electricity consumption is used for lighting purposes, the LEDs contribute to saving the Earth's resources," the committee said.
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Nakamura, who spoke to reporters in Stockholm over a crackling telephone line after being woken up by the phone call from the prize jury, said it was an amazing, and unbelievable feeling.
The Nobel award in chemistry will be announced tomorrow followed by the literature award on Thursday and the Nobel Peace Prize on Friday.
The economics prize will be announced next Monday, completing the 2014 Nobel Prize announcements.