Circularly polarized luminescence (CPL) materials have received increasing attention in recent years. Amongst various CPL materials, circularly polarized phosphorescence (CPP) materials featuring long life-time represent a novel research frontier and exhibit promising applications in various fields. Herein, the state-of-the-art advances of CPP materials are systematically summarized, as classified into transition metal complexes, organic small molecules, polymers, and organic/inorganic hybrid materials. Besides, the recent applications of CPP materials in organic light-emitting diodes and encryption display are also summarized. Furthermore, the current challenges and future perspectives are put forward. It is expected that this review will offer more inspirations for the future rational design of advanced CPP materials, thus further promoting their future practical applications.