We studied the emission characteristics of white phosphorescent organic light-emitting diodes (PHOLEDs), which were fabricated using a two-wavelength method. The best blue emitting OLED and red emitting OLED characteristics were obtained at a concentration of 12 vol.% FIrpic and 1 vol.% $Bt_2Ir$(acac) in UGH3, respectively. And the optimum thickness of the total emitting layer was 25 nm. To optimize emission characteristics of white PHOLEDs, white PHOLEDs with red/blue/red, blue/red, red/blue and co-doping emitting layer structures were fabricated using a host-dopant system. In case of white PHOLEDs with co-doping structure, the best efficiency was obtained at a structure UGH3: 12 vol. % FIrpic: 1 vol.% $Bt_2Ir$(acac) (25 nm). The maximum brightness, current efficiency, power efficiency, external quantum efficiency, and CIE (x, y) coordinate were 13,430 $cd/m^2$, 40.5 cd/A, 25.3 lm/W, 17 % and (0.49, 0.47) at 1,000 $cd/m^2$, respectively.