Organic light-emitting diodes (OLEDs) have played a vital role in showing tremendous technological advancements for a better lifestyle, due to their display and lighting technologies in smartphones, tablets, television, and automotive industries. Undoubtedly, OLED is a mainstream technology and, inspired by its advancements, we have designed and synthesized the bicarbazole-benzophenone-based twisted donor–acceptor–donor (D-A-D) derivatives, namely DB13, DB24, DB34, and DB43, as bi-functional materials. These materials possess high decomposition temperatures (>360 °C) and glass transition temperatures (~125 °C), a high photoluminescence quantum yield (>60%), wide bandgap (>3.2 eV), and short decay time. Owing to their properties, the materials were utilized as blue emitters as well as host materials for deep-blue and green OLEDs, respectively. In terms of the blue OLEDs, the emitter DB13-based device outperformed others by showing a maximum EQE of 4.0%, which is close to the theoretical limit of fluorescent materials for a deep-blue emission (CIEy = 0.09). The same material also displayed a maximum power efficacy of 45 lm/W as a host material doped with a phosphorescent emitter Ir(ppy)3. Furthermore, the materials were also utilized as hosts with a TADF green emitter (4CzIPN) and the device based on DB34 displayed a maximum EQE of 11%, which may be attributed to the high quantum yield (69%) of the host DB34. Therefore, the bi-functional materials that are easily synthesized, economical, and possess excellent characteristics are expected to be useful in various cost-effective and high-performance OLED applications, especially in displays.