Theoretical calculation has been done on the decay time of photoluminescence of Ir(ppy)3 dissolved in tetrahydrofuran and its temperature dependence at 1.2-300 K. Taking into account that the emitting triplet state consists of three zero-field splitting substates and taking into account one-phonon non-radiative transitions among these substates, the rate equations for the populations of these substates have been obtained. Three decay components are derived by solving not only the secular equation but also the rate equations, where the slow decay time shows decrease from 145 to 2 µs with increasing temperature from 1.2 to 300 K. A good agreement has been obtained for the temperature dependence between the calculated slow decay time and the observed one.