The recent developments in using iridium(III) complexes as phosphorescent emitters in electroluminescent devices, such as (white) organic light‐emitting diodes and light‐emitting electrochemical cells, are discussed. Additionally, applications in the emerging fields of molecular sensors, biolabeling, and photocatalysis are briefly evaluated. The basic strategies towards charged and non‐charged iridium(III) complexes are summarized, and a wide range of assemblies is discussed. Small‐molecule‐ and polymer‐based materials are under intense investigation as emissive systems in electroluminescent devices, and special emphasis is placed on the latter with respect to synthesis, characterization, electro‐optical properties, processing technologies, and performance.