A high-efficiency blue-emitting organic light-emitting diode (OLED) approaching theoretical efficiency using an exciplex-forming co-host composed of N,N'-dicarbazolyl-3,5-benzene (mCP) and bis-4,6-(3,5-di-3-pyridylphenyl)-2-methylpyrimidine (B3PYMPM) is fabricated. Iridium(III) bis[(4,6-difluorophenyl)-pyridinato-N, C2']picolinate (FIrpic) is used as the emitter, which turns out to have a preferred horizontal dipole orientation in the emitting layer. The OLED shows a maximum external quantum efficiency of 29.5% (a maximum current efficiency of 62.2 cd A(-1)), which is in perfect agreement with the theoretical prediction.