The past several years have witnessed the tremendous development of novel chemical structures, new design strategies and intriguing applications in the field of room‐temperature phosphorescence (RTP) and organic afterglow materials. This Review article focuses on recent advancements of high‐performance organic afterglow materials obtained by two‐component design strategies such as a dopant‐matrix, donor–acceptor, sensitization, and energy‐transfer strategies. Based on some cutting‐edge studies, organic afterglow efficiency has been largely improved, exceeding 90 % in several cases. Organic afterglow durations reach tens of seconds in phosphorescence systems and hours in donor–acceptor systems. Organic afterglow brightness outcompetes some inorganic afterglow materials in the first several seconds after ceasing excitation source. Organic afterglow colors cover the whole visible regions and extend to near‐infrared regions with respectful afterglow efficiency. On the basis of these achievements, researchers demonstrate promising applications of organic afterglow materials in diverse fields, which has also been reviewed.