White organic light-emitting diodes (WOLEDs) are now approaching the lighting markets and also being aggressively investigated for display applications. In this review, the recent development of fluorescent/phosphorescent hybrid WOLEDs is highlighted. Since the key for the high performance is how to effectively harvest excitons (singlet and triplet), the manipulation of exciton distribution in hybrid WOLEDs is overviewed. In particular, the device structures, design strategies, working mechanisms and electroluminescent processes of the representative high-performance hybrid WOLEDs are systematically reviewed. It begins with the fundamental introduction of the types of hybrid WOLEDs, and next discusses how to manage the excitons for different types of high-performance hybrid WOLEDs. Then, it introduces the doping-free technology to realize hybrid WOLEDs. Lastly, the challenges and opportunities for further enhancement of the device performance are presented.