According to Kasha's rule, high-lying excited states usually have little effect on fluorescence. However, in some molecular systems, the high-lying excited states partly or even mainly contribute to the photophysical properties, especially in the process of harvesting triplet excitons in organic electroluminescent devices. In the current review, we focus on a type of organic light-emitting diode (OLED) materials called “hot exciton” materials, which can effectively harness the non-radiative triplet excitons via reverse intersystem crossing (RISC) from high-lying triplet states to singlet states (T_n → S_m; n ≥ 2, m ≥ 1). Since Ma and Yang proposed the hot exciton mechanism for OLED material design in 2012, there have been many reports aiming at the design and synthesis of novel hot exciton luminogens. Herein, we present a comprehensive review of the recent progress in hot exciton materials. The developments of the hot exciton mechanism are reviewed, the fundamental principles regarding molecular design are discussed, and representative reported hot exciton luminogens are summarized and analyzed, along with their structure–property relationships and OLED applications.