Organic light-emitting transistors, three-terminal devices combining a thin-film transistor with a light-emitting diode, have generated increasing interest in organic electronics. However, increasing their efficiency while keeping the operating voltage low still remains a key challenge. Here, we demonstrate organic permeable base light-emitting transistors; these three-terminal vertical optoelectronic devices operate at driving voltages below 5.0 V; emit in the red, green and blue ranges; and reach, respectively, peak external quantum efficiencies of 19.6%, 24.6% and 11.8%, current efficiencies of 20.6 cd A^–1, 90.1 cd A^–1 and 27.1 cd A^–1 and maximum luminance values of 9,833 cd m^–2, 12,513 cd m^–2 and 4,753 cd m^–2. Our simulations demonstrate that the nano-pore permeable base electrode located at the centre of the device, which forms a distinctive optical microcavity and regulates charge carrier injection and transport, is the key to the good performance obtained. Our work paves the way towards efficient and low-voltage organic light-emitting transistors, useful for power-efficient active matrix displays and solid-state lighting.