The invention discloses an alternating current drive OLED (Organic Light Emitting Diode) circuit, a driving method and a display device in the technical field of display. The alternating current drive OLED circuit comprises a light emission control unit, a charging unit, a driving unit, a first storage unit, a second storage unit, a first light emitting unit, a second light emitting unit, a first voltage control unit and a second voltage control unit. Reversely connected first light emitting unit and second light emitting unit are used for alternatively emitting light in two adjacent time frames through the first light emitting unit and the second light emitting unit, only one light emitting unit emits and displays light in the same frame time, the other light emitting unit is offset reversely, and the two light emitting units are exchanged at the next frame; alternating current drive of the light emitting units is realized, and the utilization rate of energy is improved; the ageing incentive of the light emitting units is completely eliminated, the service lives of the light emitting units are greatly prolonged, the effect of internal circuit resistance on the light emitting current is eliminated, and the image display quality is perfected.