The invention discloses tetradentate cyclometalated platinum (II) and palladium (II) complex phosphorescent materials containing a five-membered heteroaryl ring. The tetradentate cyclometalated platinum (II) or palladium (II) phosphorescent material is shown as formula 1 or formula 2 (shown in the description), wherein M1 or M2 is respectively platinum or palladium, R1, R2, R3, R4, R5, R6, R7 or R8 is respectively hydrogen, deuterium, C1-C6 alkyl, C1-C6 alkoxy, halogen, amino, C6-C20 aryl or C6-C20 heteroaryl, or two carbons neighboring a heteroaryl ring are connected to a cyclosubstituent, n1-n8 represent the number of substituents, n1 or n5 is respectively 1 to 2, and n2, n3, n4, n6, n7 or n8 is respectively 1 to 3. The phosphorescent materials disclosed by the invention can effectively increase the chemical stability and thermostability of molecules, have good luminescent property, and can be used in organic light-emitting devices.