The invention provides a red and green phosphorescent OLED (organic light emitting diode) device and a manufacturing method thereof. The red and green phosphorescent OLED device comprises a glass substrate, and an ITO (indium tin oxide) anode, a hole injection layer, a hole transport layer, an electronic barrier layer, a luminous layer, a hole barrier layer, an electronic transport layer, an electronic injection layer and an aluminum cathode which are arranged on the glass substrate sequentially, wherein a wire is led out of each of the ITO anode and the aluminum cathode, and connected with an external direct-current power supply. According to the red and green phosphorescent OLED device and the manufacturing method, excitons and carriers are adjusted to be in different areas of the luminous layer, so that the luminous efficiency and the luminance of the device are improved, and the service life of the device is prolonged indirectly.