A cyclometalated iridium(II) complex, bis(2-thiophen-2-yl-quinolinato)(acetoacetonate)iridium(II) [(tq)2Ir(III)(acac)] was synthesized for use in phosphorescent organic light-emitting diodes. The photophysical and electrochemical properties of the iridium(Ill) complex were characterized by UV-visible absorption, photoluminescence, and cyclic voltammetry. The maximum UV-visible absorption of (tq)2Ir(acac) was observed at 289 nm. (Tq)2Ir(acac) in dichloromethane showed its maximum photoluminescence (PL) emission at 629 nm. The optical band gap energy of (tq)2Ir(III)(acac) was measured to be 2.11 eV, and the HOMO energy level of (tq)2Ir(Ill)(acac) was calculated to be -5.08 eV. The T1 state of (tq)2Ir(lll)(acac), calculated from the PL emission maximum (2.01 eV), was well matched with the T1 level of CBP (2.6 eV). The phosphorescent organic light-emitting diode with a configuration of ITO/PEDOT:PSS/alpha-NPD/TCTA/CBP:(tq)2Ir(II)(acac)(8 wt%)/BCP/Alq3/LiF/Al was fabricated and characterized. Light emission from the device was observed at a low turn-on voltage of 4.3 V. The device showed a maximum brightness of 24,000 cd/m2 at 16.3 V and an external quantum efficiency of 11.1% with a Commission Internationale de l'Eclairage (CIE) coordinate of (0.690, 0.310).