As semiconductor heterostructures play critical roles in today's electronics and optoelectronics, the introduction of active heterojunctions can impart new and improved capabilities that will enable the use of solution-processable colloidal quantum dots in future devices. Such heterojunctions incorporated into colloidal nanorods may be especially promising, since the inherent shape anisotropy can provide additional benefits of directionality and accessibility in band structure engineering and assembly. Here we develop double-heterojunction nanorods where two distinct semiconductor materials with type II staggered band offset are both in contact with one smaller band gap material. The double heterojunction can provide independent control over the electron and hole injection/extraction processes while maintaining high photoluminescence yields. Light-emitting diodes utilizing double-heterojunction nanorods as the electroluminescent layer are demonstrated with low threshold voltage, narrow bandwidth and high efficiencies.