A hole transporting material using dihydrophenazine as a core is disclosed, having a following structural formula (I) and suitable migration rates under highest occupied molecular orbital (HOMO) energy levels and lowest unoccupied molecular orbital (LUMO) energy levels. Moreover, an organic light emitting diode is disclosed, including an anode, a cathode, and a light emitting structure located between the anode and the cathode, wherein the light emitting structure includes the hole transporting material using dihydrophenazine as the core, which is represented by the following structural formula (I)