The emission characteristics and external quantum efficiencies of ambipolar polymer light-emitting field-effect transistors are investigated as a function of applied voltage, current density, and ratio of hole to electron mobility. Green-emitting poly(9,9-di- n -octylfluorene-alt-benzothiadiazole) (F8BT) with balanced electron and hole mobilities and red-emitting poly((9,9- dioctylfluorene)-2,7- diyl-alt-[4,7-bis(3-hexylthien-5-yl)-2,1,3- benzothiadiazole]- 2′, 2″ -diyl) (F8TBT) with strongly unbalanced hole and electron mobilities as semiconducting and emissive polymers are compared. The current-voltage and light output characteristics of the two types of light-emitting transistors were found to be fundamentally alike independent of mobility ratio. Device modeling allowing for a single (Langevin-type) charge recombination mechanism was able to reproduce the device characteristics for both cases but could not replicate the experimentally observed dependence of external quantum efficiency on current density. The increase of quantum efficiency with current density up to a saturation value could be indicative of a trap-assisted nonradiative decay mechanism at the semiconductor-dielectric interface. Optical output modeling confirmed that the maximum external quantum efficiency of F8BT light-emitting transistors of 0.8% is consistent with complete recombination of all charges and a singlet exciton fraction of 25%.