Organic circularly polarized luminescence (CPL) plays crucial roles in chemistry and biology for the potential in chiral recognition, asymmetric catalysis, 3D displays, and biological probes. The long‐lived luminescence, large Stokes shift, and unique chiroptical properties make organic circularly polarized room‐temperature phosphorescence (CPP) a new research hotspot in recent years. Nevertheless, achieving high‐performance organic CPP is still challenging due to the sensitivity and complexity of integrating triplet excitons and polarization within organic materials. This review summarizes the latest advances in organic CPP, ranging from design strategies and photophysical properties to underlying luminescence mechanisms and potential applications. Specifically, the design strategies for generating CPP are systemically categorized and discussed according to the interactions between chiral units and chromophores. The applications of organic CPP in organic light‐emitting diodes, sensing, chiral recognition, afterglow displays, and information encryption are also illustrated. In addition, we present the current challenges and perspectives on developing organic CPP. We expect this review to provide some instructive design principles to fabricate high‐performance organic CPP materials, offering an in‐depth understanding of the luminescence mechanism and paving the way toward diverse practical applications.