Research on lead‐halide perovskites for photovoltaic and optoelectronic applications represents a rapidly developing field of optoelectronics on account of their remarkable optoelectronic properties, including large absorption coefficient, low‐temperature solution processability, tunable bandgap, high‐carrier mobility, and so on. Unfortunately, the toxicity of metal Pb and intrinsic instability of lead‐halide perovskites are still big obstacles for their practical applications and future commercial development. Therefore, various lead‐free eco‐friendly perovskites and their derivatives have been alternatively explored to overcome the above hurdles. In this review, the preparation methods, structures, optical characteristics, and stability of lead‐free metal halide perovskites are summarized according to different dimensions at molecular level. Furthermore, we emphatically introduce the optoelectronic properties of low‐dimensional lead‐free halides with broadband emission originated from the self‐trapped excitons. Then, we give a brief description of preliminary exploration results and significant achievements of optically excited white light‐emitting devices (WLEDs) and electrically excited multi‐color LEDs. Finally, this review was finished with a critical perspective into the potential challenging issues of this rapidly evolving fields.