Efficient and stable blue organic light-emitting devices (OLEDs) represent one of the most important components in future solid-state lighting and full color displays. Although red and green OLEDs have been successfully commercialized, it remains challenging to realize blue OLEDs showing high efficiency and high stability simultaneously, restricting their commercialization. Triplet−triplet annihilation (TTA)-based materials have been emerging as a new category of electroluminescent or host materials with promising potential for highly efficient and stable blue devices due to their appealing photophysical properties (e.g., ability to generate emissive singlet excited states through TTA process, high photoluminescence quantum yield, ease of molecular design, etc.). Recently, research on TTA-based materials toward high-performance blue OLEDs has received an increasing attention. In this review, recent research advances on the molecular design strategies, photophysical properties of TTA-based materials (both blue emitters and host materials), mechanism of TTA-based electroluminescence, as well as their OLED applications are presented comprehensively. Moreover, potential perspectives with future research opportunities in this field are also described. We believe that the emerging TTA-based materials will bring more opportunities for developing a large family of novel photofunctional materials showing appealing and tunable photophysical properties, thus providing new opportunities for high-efficiency and stable blue electroluminescence in the future.