As a new technology for flat‐panel displays and general lighting sources, solution‐processed phosphorescent organic light‐emitting diodes (PhOLEDs) unfurl a bright future, due to their merits of high quantum efficiency and easy fabrication. In recent years, great progress has been made in the device performance of solution‐processed PhOLEDs, by developing both high‐efficiency organometallic phosphors and novel solution‐processable organic host materials. This review highlights recently developed organic host materials for triplet guest emitters in solution‐processed PhOLEDs. The solution‐processable host materials are classified into three types – small molecule, dendrimer, and polymer – according to their molecular architecture and molecular weight. The material design concept and the relationships between the molecular structure, material properties and device performance are the focus of this discussion. A future strategy for the development of high‐performance solution‐processed host materials is proposed.