The past decade has witnessed the growing interest in metal halide perovskites as driven by their promising applications in diverse fields. The low intrinsic stability of the early developed organic versions has however hampered their widespread applications. Very recently, all-inorganic perovskite nanocrystals have emerged as a new class of materials that hold great promise for the practical applications in solar cells, photodetectors, light-emitting diodes, and lasers, among others. In this Outlook, we first discuss the recent developments in the preparation, properties, and applications of all-inorganic metal halide perovskite nanocrystals, with a particular focus on CsPbX3, and then provide our view of current challenges and future directions in this emerging area. Our goal is to introduce the current status of this type of new materials to researchers from different areas and motivate them to explore all the potentials.