AbstractHigh photoluminescence quantum yield (PLQY) especially in solid‐state together with harvesting radiative triplet excitons are essential to achieve efficient organic light‐emitting diodes (OLEDs). Herein, the aggregation induced emission (AIE) active tetraphenyl buta‐1,3‐diene (TPB) moiety has been employed and tactfully modified to obtain orthogonally oriented donor‐acceptor (D‐A‐π‐A‐D) type derivatives (namely, TPB‐CHO‐TPA and TPB‐CN‐TPA) which possess additionally the hybridized local and charge transfer (HLCT) type excited‐state. Moreover, computational studies have revealed the possibility of triplet harvesting through hot exciton mechanism in these designed emitters. These key features along with excellent solubility in most of the organic solvents have encouraged to utilize these as light emitting materials for solution processed non‐doped and doped OLED devices. The optimal OLED device using TPB‐CHO‐TPA exhibits yellow light emission (ELmax = 572 nm and CIEx,y = 0.48, 0.51) having maximum external quantum efficiency (EQEmax) of 7.6% with power and current efficiency of 6.1 lm W−1 and 8.9 cd A−1 where the calculated exciton utilization efficiency (EUE) approaches to 97%, indicating efficient triplet harvesting in electroluminescence process. This work signifies a novel design strategy for AIE‐based HLCT type emitters having efficient hot exciton utilization which can pave the way for future development of TPB based highly efficient OLED devices.