We present a systematic analysis of the relationship between the photoluminescence (PL), light emitting device electroluminescence (EL), and conducting properties of a series of metalquinolates, Mq3, where M is a metal (Al, Ga, In, or Sc), and q3 is tris‐(8‐hydroxyquinoline). We compare the solution and thin film PL quantum yields and spectra of each quinolate with the EL quantum efficiencies of organic heterojunction light emitting diodes using the compound as the emitter layer. Our results indicate that, contrary to previous reports, the relative PL yield is not a good indicator of the EL quantum efficiency of a particular material. Specifically, we find that while the PL of Alq3 films is four times that of Gaq3, light emitting devices made from these two materials have comparable electroluminescence quantum efficiencies and long‐term stabilities. Furthermore, the Gaq3 devices have an approximately 50% higher power efficiency than Alq3 structures, suggesting that Gaq3 is a superior emitter material for display applications.