Owing to the electron spin–orbit coupling (SOC) and fast intersystem crossing (ISC), heavy-metal complexes (such as iridium(III), platinum(II) and osmium(II) complexes, etc.) are phosphorescent emitters at room temperature. Since 1998, heavy-metal complexes as phosphors have received considerable academic and industrial attention in the field of organic light-emitting diodes (OLEDs), because they can harvest both the singlet (25%) and triplet (75%) excitons for emission during the electro-generated processes. Among all the visible colors (blue, green, yellow, orange and red), the yellow/orange heavy-metal complexes play an important role for realizing full-color OLEDs as well as high-efficiency white OLEDs, and thus the development of highly efficient yellow/orange heavy-metal complexes is a pressing concern. In this article, we will review the progress on yellow/orange heavy-metal complexes as phosphors in OLEDs. The general principles and useful tactics for designing the yellow/orange heavy-metal complexes will be systematically summarized. The structure–property relationship and electrophosphorescence performance of the yellow/orange heavy-metal complexes in monochromatic phosphorescent OLEDs (PhOLEDs) and white OLEDs (WOLEDs) will be comprehensively surveyed and discussed.