A white-light light emitting diode (LED) and a method for regulating the generated light color of the LED, wherein the LED has at least one InGaN chip (30) and at least one AlGaInP chip (20). When forward bias voltages are applied on the InGaN chip (30) or AlGaInP chip (20), blue light and green-yellow light are generated and further mixed to create white light. By adjusting an external impedance value applied on the LED to regulate the forward bias voltages, pure white light is able to be derived based on the regulated brightness strength of the blue light and green-yellow light.