High performance blue phosphorescent organic electroluminescent devices were realized by utilizing trivalent terbium complex and iridium complex as co-dopant and emitter, respectively. In this case, the co-doped trivalent terbium complex molecules within light-emitting layer function as deeper electron trappers due to its low-lying energy levels. Compared with reference device, co-doped devices displayed relatively higher electroluminescent performances due to improved carriers’ balance as well as broadening recombination zone. Finally, the optimal device with main emission peak at 462 nm obtained the maximum brightness, external quantum efficiency, current efficiency and power efficiency up to 24396 cd/m2, 26.3%, 46.93 cd/A and 50.82 lm/W, respectively. Meanwhile, even at the practical brightness of 1000 cd/m2 (4.3 V), prominent external quantum efficiency and current efficiency as high as 24.0% and 40.73 cd/A, respectively, can still be retained because the broadening recombination zone helps to decrease exciton density thus suppress exciton quenching.