The present invention discloses a red light organic electrophosphorescence material metal iridium coordination compound having a structural formula represented by a formula (P), wherein R is methyl. The preparation method comprises that: a Suzuki coupling reaction is performed to obtain a ring metal ligand, the ring metal ligand and iridium trichloride trihydrate are subjected to a polymerization reaction in a 2-ethoxyethanol and water mixed solvent to obtain a chloro-bridge dimer, and the chloro-bridge dimer and 2,2,6,6-tetramethyl-3,5-heptanedione are subjected to a coordination reaction to obtain the red light organic electrophosphorescence material metal iridium coordination compound. The present invention further provides an organic electroluminescent device containing the metal iridium coordination compound. According to the present invention, 2,2,6,6-tetramethyl-3,5-heptanedione is added to the ring metal ligand as the auxiliary ligand so as to increase the steric hindrance effect of the metal iridium coordination compound, such that the direction effect between the metal atoms is reduced, the self-quenching phenomenon of the triplet state excitons is reduced, and the luminescence efficiency of the organic electroluminescent device is increased.