Aggregation-induced emission (AIE) luminogens (AIEgens) are becoming a promising material system of organic light-emitting diodes (OLEDs) due to the advantage of high photoluminescence quantum yield (PLQY) in thin film, and their hot exciton property during electroluminescence (EL) theoretically enables them to achieve 100% internal quantum efficiency (IQE). However, the fabricated blue fluorescent OLEDs based on AIEgens with hot exciton property do not achieve the expected EL efficiency due to unclear exciton loss mechanisms. In this paper, we conduct the analysis on exciton dynamics of blue fluorescent OLEDs based on AIEgens with hot exciton property. It can be seen that the exciton dynamics model well simulates the experimental results and analyzes the loss process of excitons. It is found that the internal inversion (IC) of triplet excitons on Tn (n ≥ 2) to T1 is the main loss channel, leading to severe singlet-triplet annihilation (STA). By introducing TTA up-conversion channels in AIEgen emissive layer (EML), the triplet excitons lost by the IC can be effectively reused, greatly improving the device efficiency. The optimized blue fluorescent OLEDs based on AIEgens with hot exciton property achieve a maximum efficiency of 14.8% and the lifetime T75 reaches 116 hours at the initial luminance of 1000 cd/m2, exhibiting the potential application value of AIEgens in OLEDs. Finally, the prospects for the development directions on the design and synthesis of highly efficient AIEgens and the relative exciton dynamics models are presented.