A novel main ligand 2-(2,4-dimethoxyphenyl)-5-trifluoromethylpyridine (MeO2CF3ppy) and its complex bis[2-(2,4-dimethoxy-phenyl)-5-trifluoromethyl pyridinato-N,C2]iridium acetylacetonate (MeO2CF3ppy)2Ir(acac) was synthesized. 2,4-Dimethoxy and 5-trifluoromethyl group were incorporated into main ligand to tune luminescence color. The phosphorescence organic light-emitting diodes (PhOLEDs) based on this complex with the configuration of ITO/PEDOT:PSS (40 nm)/PVK:CBP:Ir(III) complex (50 nm)/BCP (20 nm)/LiF (0.7 nm)/Al (100 nm) were fabricated. The solution-processed PhOLEDs based on (MeO2CF3ppy)2Ir(acac) exhibited a maximum quantum efficiency of 4.18% and luminance efficiency 9.04 cd/A with CIE coordinate of (0.32, 0.64).