Technology acquisition is a way to enable an industry to keep up with the latest trends of accelerated technologies, and has continued to be a popular strategy for corporate growth. This study proposes an integrated framework for the identification of key LED technologies and effective modes of technology acquisition. Data used for analysis included surveys completed by professionals and academics. The Fuzzy Analytic Hierarchy Process (FAHP) was employed for the evaluation, and the result was further affirmed using the patent analysis. It was found that LED epitaxy and high-brightness LED illumination are the key technologies for Taiwan's LED industry. The experimental results also suggested that Taiwanese firms acquire new technologies through licensing, or by forming an R&D consortium to break down technological barriers from competition with more advanced rivals and thus achieve technology independence. The potential of commercialization and potential market shares were the most important factors in the selection and acquisition of technologies.