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In this study, we investigate phosphomolybdic acid (PMA), which allows solution processing of quantum dot light-emitting diodes. With its low cost, easy solution processes, and excellent physical and optical properties, PMA is a potential candidate as the hole injection layer (HIL) in optoelectronic devices. We evaluate the physical and electrical properties of PMA using various solvents. The surface morphology of the PMA film was improved using a solvent with appropriate boiling points, surface tension, and viscosity to form a smooth, pinhole-free film. The energy level was regulated according to the solvent, and PMA with the appropriate electronic structure provided balanced charge carrier transport in quantum dot electroluminescent (QD-EL) devices with enhanced efficiency. A device using PMA dissolved in cyclohexanone was demonstrated to exhibit improved efficiency compared to a device using PEDOT:PSS, which is a conventional solution HIL. However, the stability of PMA was slightly poorer than PEDOT:PSS; there needs to be further investigation.