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Micro-LED (light-emitting diode) is a potentially disruptive display technology, while power consumption is a critical issue for all display devices. In this paper, we develop a physical model to evaluate the power consumption of micro-LED displays under different ambient lighting conditions. Both power efficiency and ambient reflectance are investigated in two types of full color display structures: red/green/blue (RGB) micro-LEDs, and blue-LED pumped quantum dots color-conversion. For each type of display with uniform RGB chip size, our simulation results indicate that there exists an optimal LED chip size, which leads to 30–40% power saving. We then extend our model to analyze different RGB chip sizes, and find that with optimized chip sizes an additional 12% average power saving can be achieved over that with uniform chip size.