The design and characterization of purely organic room‐temperature phosphorescent (RTP) materials for optoelectronic applications is currently the focus of research in the field of organic electronics. Particularly, with the merits of preparation controllability and modulation flexibility, host–guest material systems are encouraging candidates that can prepare high‐performance RTP materials. By regulating the interaction between host and guest molecules, it can effectively control the quantum efficiency, luminescent lifetime, and color of host–guest RTP materials, and even produce RTP emission with stimuli‐responsive features, holding tremendous potential in diverse applications such as encryption and anti‐counterfeiting, organic light‐emitting diodes, sensing, optical recording, etc. Here a roundup of rapid achievement in construction strategies, molecule systems, and diversity of applications of host–guest material systems is outlined. Intrinsic correlations between the molecular properties and a survey of recent significant advances in the development of host–guest RTP materials divided into three systems including rigid matrix, exciplex, and sensitization are presented. Providing an insightful understanding of host–guest RTP materials and offering a promising platform for high throughput screening of RTP systems with inherent advantages of simple material preparation, low‐cost, versatile resource, and controllably modulated properties for a wide range of applications is intended.