Thermally activated delayed fluorescent (TADF) and phosphorescent blue organic light‐emitting diodes (OLEDs) have been developed to overcome the relatively low triplet exciton utilization of traditional fluorescent OLEDs. However, broad emission spectra originating from charge transfer process limit the commercial application of such blue OLEDs. Herein, an effective phosphor‐sensitized fluorescent (PSF) OLED device structure was designed. PSF OLED exhibited a maximum blue index (BI) of 508 cd/A/CIEy with CIEy of 0.060, which has been the highest efficiency result reported for PSF deep‐blue OLEDs. A nearly 100% improvement in operational lifetime LT95 (L/L0 = 95%) was achieved successfully by using lower triplet energy (T1) and deuterated host materials. Impressively, the sensitized OLEDs maintained BI of 407 cd/A/CIEy, narrow emission spectra (FWHM = 17 nm), and high color purity (CIEy = 0.046), revealing the attractive technical advantages and commercial application potential.