Highly efficient blue phosphorescent organic light-emitting diodes (PhOLEDs) with reduced efficiency roll-off are still challenging. A blue phosphor of (cyanato-κO)[3,5-difluoro-2-(2-pyridinyl-κN)phenyl-κC][[1,1'-(1,3-phenylene-κC2)bis[3-butyl-2,3-dihydro-1H-imidazolato-κC2]](5-)]-iridium complex is utilized as the blue emitter to fabricate highly efficient blue PhOLEDs. Especially, it is first utilized for white PhOLEDs with superior device performance. The realized blue PhOLED employing a novel TADF co-host system achieves maximum power efficiency (PE) of 43.3 lm/W and the PE still remains 26.3 lm/W at 1000 cd/m2, which are 1.9 and 2.5 times higher than that of blue PhOLED using conventional phosphor single-host structure. Furthermore, the current efficiency (CE) roll-off of the blue PhOLED with TADF co-host architecture is only 2.2% at 1000 cd/m2, which can be assigned to the balanced charge carriers injection and transport. The final white device obtained the maximum CE of 46.1 cd/A, PE of 48.1 lm/W, and a low roll-off of 1.9% at 1000 cd/m2. We also systemically investigate the energy transfer mechanism and exciton distribution of the devices. It was found that our proposed device structure could effectively promote the Förster energy transfer mechanism and the even distribution of excitons. We firmly believe that our work may bring light to the future development of highly efficient PhOLEDs with simultaneous low roll-off.