With the inherent organic–metal system property, phosphorescent organic light‐emitting diodes (PhOLEDs) are capable of exhibiting high performance. However, the existence of unintended triplet–triplet annihilation (TTA), which is mainly originated from high triplet exciton density leading to inferior device performance, is a current predicament. For mitigating the TTA in devices, reported herein is an effective host system with the role of precisely controlling the triplet excitons via the multichannel processes, in which a bipolar host material, a hole‐transporting material, and an electron‐transporting material are mixed to manage the triplet exciton transfer. The mixed‐host with so‐called “triplet excitons harvesting” strategy exhibits two concomitant reverse intersystem crossing (RISC) processes that simultaneously occur in the bipolar host material:electron‐transporting material and the host‐transporting material:electron‐transporting material exciplexes, respectively. Highly efficient green and red PhOLEDs are demonstrated by these multichannel processes, in which phosphorescent emitters bis(2‐phenylpyridine) (acetylacetonate) iridium(III) (Ir(ppy)2(acac)) and bis(2‐methyldibenzo[f,h]‐quinoxaline) (acetylacetonate) iridium(III) (Ir(MDQ)2(acac)) are doped into the mixed‐host, respectively. The green and red PhOLEDs realize nearly 30% of maximum external quantum efficiencies of 29.4% and 29.2%, respectively, and also maintain 29.1% and 28.3% at 1000 cd m−2. These excellent efficiencies and low roll‐offs confirm that the concomitant RISC processes effectively manage and utilize triplet excitons.