Issue caused by broken intel graphics drivers for the 4600 series
The solution is to downgrade/rollback the drivers:
Choose your operating system here
Parts of the screen, hot bar, and option menu start flickering when in the game. This started in the last week and it seems it only happens to people with Windows 8.1 from what I'm finding. This video shows the problem in action.
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You very likely need to update your graphics drivers.
For technical support please use the Mojang Support Center.

I checked and it said my drivers are up to date and the problem is still there

Automatic driver detection is crap, and is usually wrong. I highly recommend you visit the help chat via the Support Center for assistance.

Please force a crash by pressing F3 + C for 10 seconds while in-game and attach the crash report ([minecraft/crash-reports/crash-<DATE>-client.txt|http://hopper.minecraft.net/help/finding-minecraft-data-folder]
) here.

Manual crash asked for by Kumasasa

OpenGL: Intel(R) HD Graphics 4600 GL version 4.2.0 - Build 10.18.10.3621, Intel
Hm, Intel driver.
Don't know if current driver or not.
Please use the Mojang Support Center., especially the help chat. People there have often solutions such as updated drivers to fix such issues.

I did and Cube was helping me. Still didn't figure it out

Checked driver version and is up to date. Tried reinstall and no change. Turning off mipmapping and anisotropic filtering has made little difference.

Please check this: http://www.minecraftforum.net/topic/2737403-flickering-minecraft/page__hl__+skistam#entry32044688
I have also done a repair install of Windows 8.1 due to the KB2919355 Update issue earlier today and now, I have the exact same problem as you :/ I'd like to avoid doing a system restore if possible because it took me over an hour just to fix the update issue so does anyone have any suggestions as to how to fix the problem?
Edit: From http://www.minecraft...ickering-issue/ ,
The Intel HD Graphics appears to be the root of the issue. I went to search for the device manager and did a rollback with it. After a restart, the flickering appears to have been resolved. Hopefully this works for anyone else who has the same issue too! 🙂

Post about older driver versions to use: http://www.minecraftforum.net/topic/2755604-screen-flashes/#entry32258402
I also experience this problem both on a modded OptiFine 1.6.4 install, and on stock 1.7.9. These problems only begun to occur after installing a Windows update for Intel HD Graphics, which updated the drivers to 10.18.10.3621 (same as yours).
I've downgraded my graphics drivers to 10.18.10.3496 and it has fixed the problem. You should try downgrading the drivers too, simply head to here Graphics 4600 - this is the correct download for your laptop (32-bit).
For 64-bit users (not yourself), use here Graphics 4600.
Intel have changed something in their drivers which causes rendering problems with some games, so Mojang is not at fault here.

i have an Intel hd integrated card
but i run minecraft on my nvidia dedicated card and i get this exact flickering
and it flickers on both cards...
windows 8.1 as well but it flickered on windows 8
i can confirm that downgrading my intel hd graphic fixed the flashing<3!!!
even when running MC on my nvidia card

Yep. Its working correctly after I installed the previous driver. Thank you all for the help

I can't seem to be able to use the internet after I downgraded and restarted.... And I know it mistve been the rollback because literally right after I restarted there was no internet but my phone can connect fine. Help please? MSI computer and I have a video on YouTube at http://www.youtube.com/watch?v=hBHC6T4Qwyg
Pertaining the problem I was having. Graphics are fine now but internet is screwed.

@Rebekah
I don't really see how installing graphics drivers would affect your internet connection. This isn't the best place to get help with that. For technical support please use the Mojang Support Center.

Problem still arises yet the proposed solution now leads to a 404 page. The closest results I could find on Intel's site are at the link below, yet neither were released before this issue arose, and thus probably won't be of any use. Requesting that someone more knowledgeable look back into this for a viable solution.
https://downloadcenter.intel.com/SearchResult.aspx?lang=eng&ProdId=3720

@unknown, recently there is another issue with Intel HD and 1.8.1 , see MC-74866

Please provide necessary DRIVERS or REOPEN.
The URLs provided don't lead to an existing page anymore. Intel seems to have removed them from their page.

Fixed the driver download links.

I tried downloading this and I get this message helllllppppppppppppppp
Error: The driver being installed is not validated for this computer. Please obtain the appropriate driver from the computer’s manufacturer. Setup will exit.

Just bought a computer with Windows 8.1 and Intel, tried installing the fix at the Intel site, mentioned above, and got exact same message as Musics music. Bought the computer for my kid so he could play Minecraft and this flickering screen is super annoying. Help please!!!

In the case that the drivers won't install, you will likely need to get drivers from the computer manufacturer, or install them manually. For technical support please use the Mojang Support Center.