Here, we have rationally designed and synthesized multifunctional red-emitting Ir (III) complex, (TPQ)(2)Ir(acac-OXD) based on thiophene-phenylquinoline (TPQ) as main ligand and acetyl acetonate-linked functional group (acac-OXD) as ancillary ligands for highly efficient phosphorescent organic light-emitting diodes (PhOLEDs). Synthesized Ir(III) complexes were characterized by H-1 NMR, mass spectroscopy and their absorption, emission and cyclic voltammetry were steadily investigated. The Ir(III) complex have shown high thermal stability, and exhibited deep-red emission with high quantum yield. In particular, (TPQ)(2)Ir(acac-OXD) has shown higher quantum yield than (TPQ)(2)Ir(acac). When utilized these complex in solution-processable PhOLEDs, they delivered an excellent device performance.