Phosphorescent dinuclear iridium(III) complexes that can show high luminescent efficiencies and good electroluminescent abilities are very rare. In this paper, highly phosphorescent 2-phenylpyrimidine-based dinuclear iridium(III) complexes have been synthesized and fully characterized. Significant differences of the photophysical and electrochemical properties between the mono- and dinuclear complexes are observed. The theoretical calculation results show that the dinuclear complexes adopt a unique molecular orbital spatial distribution pattern, which plays the key role of determining their photophysical and electrochemical properties. More importantly, the solution-processed organic light-emitting diode (OLED) based on the new dinuclear iridium(III) complex achieves a peak external quantum efficiency (eta(ext)) of 14.4%, which is the highest eta(ext), for OLEDs using dinuclear iridium(III) complexes as emitters. Besides, the efficiencies of the OLED based on the dinuclear iridium(III) complex are much higher that those of the OLED based on the corresponding mononuclear iridium(III) complex.