Facile solution processing lead halide perovskite nanocrystals (LHP‐NCs) exhibit superior properties in light generation, including a wide color gamut, a high flexibility for tuning emissive wavelengths, a great defect tolerance and resulting high quantum yield; and intriguing electric feature of ambipolar transport with moderate and comparable mobility. As a result, LHP‐NCs have accomplished great achievements in various light generation applications, including color converters for lighting and display, light‐emitting diodes, low threshold lasing, X‐ray scintillators, and single photon emitters. Herein, the considerable progress that has been made thus far is reviewed along with the current challenges and future prospects in the light generation applications of LHP‐NCs.