Highly efficient and stable blue phosphorescent organic light‐emitting diodes are achieved by employing a step‐wise graded doping of platinum(II) 9‐(pyridin‐2‐yl)‐2‐(9‐(pyridin‐2‐yl)‐9H‐carbazol‐2‐yloxy)‐9H‐carbazole (PtNON) in a device setting. A device employing PtNON demonstrates a high peak external quantum efficiency (EQE) of 17.4% with an estimated LT70 lifetime of over 1330 h at a brightness of 1000 cd m−2. PtNON is then investigated as a “triplet sensitizer” in an alternating donor–acceptor doped emissive layer to further improve the device emission color purity by carefully managing an efficient Förster resonant energy transfer from PtNON to 2,5,8,11‐tetra‐tert‐butylperylene as a selected acceptor material. Thus, such OLED devices demonstrate an EQE of 16.9% with color coordinates of (0.16, 0.25) and an estimated luminance (LT70) lifetime of 628 h at a high brightness of 1000 cd m−2. A novel emissive layer is designed to enable a stable blue phosphorescent organic light‐emitting diode with an external quantum efficiency of 17.4% and an operational lifetime over 1300 h at 1000 cd m‐2. The technique is extended to a fluorescent/phosphorescent emitter system and demonstrates a deep‐blue emission with an external efficiency of 15% and an operational lifetime over 600 h at 1000 cd m‐2 with CIE coordinates of (0.16, 0.25).