The recently demonstrated electroluminescence of color centers in diamond makes them one of the best candidates for room temperature single-photon sources. However, the reported emission rates are far off what can be achieved by state-of-the-art electrically driven epitaxial quantum dots. Since the electroluminescence mechanism has not yet been elucidated, it is not clear to what extent the emission rate can be increased. Here we develop a theoretical framework to study single-photon emission from color centers in diamond under electrical pumping. The proposed model comprises electron and hole trapping and releasing, transitions between the ground and excited states of the color center as well as structural transformations of the center due to carrier trapping. It provides the possibility to predict both the photon emission rate and the wavelength of emitted photons. Self-consistent numerical simulations of the single-photon emitting diode based on the proposed model show that the photon emission rate can be as high as 100 kcounts s−1 at standard conditions. In contrast to most optoelectronic devices, the emission rate steadily increases with the device temperature achieving of more than 100 Mcount s−1 at 500 K, which is highly advantageous for practical applications. These results demonstrate the potential of color centers in diamond as electrically driven non-classical light emitters and provide a foundation for the design and development of single-photon sources for optical quantum computation and quantum communication networks operating at room and higher temperatures.