A selective current limit algorithm based on color space conversion is proposed in this paper. There are mainly two advantages for this algorithm. Firstly, only the luminance component Y is decreased, and the color component Cb or Cr is not changed; thus, the color distortion is avoided in the process of current limit. Secondly, the current of pixels with high luminance is limited while that of those pixels with low luminance is not, which means current limit is executed selectively. For the same value of mean square error, the simulation results show that the ratio of pixels with high luminance of the image processed by the proposed algorithm is zero, and that processed by the net power control and the algorithm based on color space conversion is 0.081 and 0.0854, respectively. This algorithm is implemented on a field‐programmable gate array to drive the image display on the AMOLED panel.