The development of transition metal complexes for application in light-emitting devices is currently attracting significant research interest. Among phosphorescent emitters, those involving iridium (III) complexes have proven to be exceedingly useful due to their relatively short triplet lifetime and high phosphorescence quantum yields. The emission wavelength of iridium (III) complexes significantly depends on the ligands, and changing the electronic nature and the position of the ligand substituents can control the properties of the ligands. In this chapter, we discuss recent developments of phosphorescent transition metal complexes for organic light-emitting diode applications focusing solely on the development of iridium metal complexes.