We carried out degradation analysis of a blue phosphorescent organic light emitting diode by both impedance spectroscopy and transient electroluminescence (EL) spectroscopy. The number of semicircles observed in the Cole-Cole plot of the modulus became three to two after the device was operated for 567 hours. Considering the effective layer thickness of the initial and degraded devices did not change by degradation and combining the analysis of the Bode-plot of the imaginary part of the modulus, the relaxation times of emission layer and hole-blocking with electron transport layers changed to nearly the same value by the increase of the resistance of emission layer. Decay time of transient EL of the initial device was coincident with that of the degraded one. These phenomena suggest that no phosphorescence quenching sites are generated in the degraded device, but the number of the emission sites decrease by degradation.