Today organic light emitting diodes are a topic of significant academic and industrial research interest. OLED technology is used in commercially available displays, and efforts have been directed to improve this technology. Design and synthesis of phosphorescent based transition metals are capable of harvesting both singlet and triplet excitons and achieve 100 % internal quantum efficiency is an active area of research. Among all the transition metals, iridium is considered a prime candidate for OLEDs due to its prominent photophysical characteristics. In the present review, we have concentrated on the Iridium based homo and heteroleptic complexes that have dissimilar substitutions on phenylpyridine ligands, different ancillary ligands and the effect of substitution on HOMO/LUMO energies and a brief discussion and correlation on the photophysical, electrochemical and device performances of the different complexes have been reviewed for organic light emitting diodes. © 2018 The Chemical Society of Japan & Wiley-VCH Verlag GmbH & Co. KGaA, Weinheim