It was experimentally observed that during illuminated capacitance−voltage (C−V) sweeping (from −15 to 15 V) of the device with structure ITO/100 nm bathophenanthroline (Bphen)/50 nm N,N′-[di(1-naphthyl)-N,N′-diphenyl]-1,1′-biphenyl-4,4′-diamine (NPB)/100 nm Bphen/100 nm Al, with an increase in the absolute value of the negative bias, the device capacitance first increased (from 0 to −10 V) and then decreased (from −10 to −15 V) while it remained unchanged under a positive bias. The C−V characteristic was closely related to the electrode material and interfacial energy level configuration. Therefore, a tristep (dissociation−accumulation−recombination) mechanism was proposed to explain the illuminated C−V characteristics. On the basis of the proposed mechanism, it could be deduced that the measured illuminated capacitance should return to and then remain at the geometric capacitance of the device under high enough negative bias, in good agreement with experimental observation.