Highly efficient red phosphorescent OLEDs (PHOLEDs) with a simple, organic, triple-layer structure was developed using the narrow-bandgap fluorescent host material bis(10-hydroxybenzo[h] quinolinato)beryllium complex (Bebq2) and the deep-red dopant tris(1-phenylisoquinoline)iridium (Ir(piq)3). The maximum current and power efficiency values of 12.71 cd/A and 16.02 lm/W, respectively, with an extremely low doping technology of 1%, are demonstrated herein. The results reveal a practical, cost-saving host dopant system for the fabrication of highly efficient PHOLEDs involving the simple structure presented herein, with a reduction of expensive Ir dopants.