As the requirements and expectation for displays in society are growing, higher standards of the display technology are proposed, including wider color gamut, higher color purity, and higher resolution. The recent emergence of light‐emitting halide perovskites has come with numerous advantages, such as high charge‐carrier mobility, tunable emission wavelength, narrow emission linewidth, and intrinsically high photoluminescence quantum yield. Recent advancement of perovskite‐based light‐emitting diodes (PeLEDs) as a promising technology for next‐generation displays is reviewed. Here, how the attractive optical and electrical properties of perovskite materials can be translated into high PeLED performance are discussed, and working mechanisms and optimization approaches of both perovskite materials and the respective devices are analyzed. On the material side this includes the control of size and composition of perovskites grains and nanocrystals, surface and interface passivation, doping and alloying, while on the device side this includes the interfacial engineering and energy level adjustments, and photon emission enhancement. Several challenges such as performance of blue PeLEDs, the environmental and operational stability of PeLEDs, and the toxicity issues of lead halide perovskites are discussed, and perspectives on future developments of perovskite materials and PeLEDs for the display technology are offered. Here, how attractive optical and electrical properties of perovskite materials are translated into the high performance of perovskite‐based light‐emitting diodes (PeLEDs) is discussed, and working mechanisms and optimization approaches of both perovskite materials and the respective devices are analyzed. Several challenges such as performance of blue PeLEDs, the environmental and operational stability of PeLEDs, and the toxicity issues of lead halide perovskites are considered.