Colloidal nanoplatelets of HgSe and HgTe prepared indirectly through cation exchange reactions can transfer many of the advantageous properties of atomically precise, 2D cadmium chalcogenides to the near‐infrared (NIR) spectral window. In this work, HgSe and HgTe nanoplatelets are studied to understand their fundamental photophysical properties, particularly those areas of similarity and difference from cadmium‐based NPLs, and to examine their potential as optical gain media. Similar to cadmium chalcogenide NPLs, low‐temperature photoluminescence of HgTe NPLs displays two‐color emission that depends on temperature, sample, fluence, excitation frequency, and irradiation time. Both HgTe and HgSe show nanosecond emission dynamics at temperatures as low as 2.5 K, with no indication that bright‐dark excitonic splitting governs the low‐temperature photoluminescence. Collectively, experimental data is most consistent with emission from a negative trion state at low temperature. Although the mercury chalcogenide nanoplatelets are shown to have broadened optical resonances compared to the cadmium chalcogenides from which they are derived, they retain slow Auger recombination and can display low‐threshold amplified spontaneous emission in the NIR spectral window. Optical pumping thresholds for HgTe NPLs are observed as low as 4.4 µJ cm−2 and highlight the potential 2D nanoplatelets as gain medium in the near‐infrared.