Three new iridium(III) corrole complexes, having symmetrically and asymmetrically substituted corrole frameworks and judiciously varied axial ligands are prepared and characterized by various spectroscopic techniques including the X-ray structures of two of them. The observed phosphorescence at ambient temperature appears at much longer wavelengths than the previously reported Ir(III) porphyrin/corrole derivatives. Efficiencies of these compounds in the generation of singlet oxygen are also studied for the first time.