High-entropy alloys (HEAs) are a new class of solid-solution alloys that have attracted worldwide attention for their outstanding properties. Owing to the demand from transportation and defense industries, light-weight HEAs have also garnered widespread interest from scientists for use as potential structural materials. Great efforts have been made to study the phase-formation rules of HEAs to accelerate and refine the discovery process. In this paper, many proposed solid-solution phase-formation rules are assessed, based on a series of known and newly-designed light-weight HEAs. The results indicate that these empirical rules work for most compositions but also fail for several alloys. Light-weight HEAs often involve the additions of Al and/or Ti in great amounts, resulting in large negative enthalpies for forming solid-solution phases and/or intermetallic compounds. Accordingly, these empirical rules need to be modified with the new experimental data. In contrast, CALPHAD (acronym of the calculation of phase diagrams) method is demonstrated to be an effective approach to predict the phase formation in HEAs as a function of composition and temperature. Future perspectives on the design of light-weight HEAs are discussed in light of CALPHAD modeling and physical metallurgy principles.