The pursuit of high-performance low-cost organic light-emitting materials is a long-term task. The down-and upconverted fluorescence from an electron donor−acceptor host composed of di-[4-(N,N-di-p-tolyl-amino)-phenyl]cyclohexane and 2-(4-biphenyl)-5-(4-tert-butylphenyl)-1,3,4-oxadiazole with fluorescent guests, 9,10-bis[N,N-di-(p-tolyl)-amino]anthracene (TTPA) and 5,6,11,12-tetraphenylnaphthacene (rubrene), was investigated. We found that the energy loss mechanism can be greatly suppressed by the effective Forster resonance energytransfer process from the exciplex host to fluorescent guests. An extremely high photoluminescence quantum yield (PLQY) up to 98.41% was achieved, as well as strong upconverted green, orange, and blue fluorescence was observed in TTPA-, rubrene-, and undoped exciplex blends, respectively, under the excitation of near-infrared femtosecond laser. These low-cost materials with high PLQYs and strong upconverted fluorescence properties may have great application potential in light-emitting devices, lasers, and bioimaging applications.