Metal halide perovskite materials have shown excellent optoelectronic properties suitable for light‐emitting diodes. With the development of technology in recent years, the performance of perovskite light‐emitting diodes (PeLEDs) has been improved rapidly, which can be almost comparable with that of the organic light‐emitting diodes (OLEDs) and quantum‐dot light‐emitting diodes counterparts. However, the toxicity of lead in perovskites may be unacceptable to consumers, which severely hinders the commercial applications of PeLEDs. Therefore, massive efforts on more environment‐friendly PeLEDs should be invested, prompting them potential candidates for next‐generation display devices. In this review, the synthesis methods and preparation processes of perovskite emitting layers that are successfully utilized in environment‐friendly PeLEDs are first summarized. Then, a comprehensive analysis of development on the applications of both less‐lead and lead‐free PeLEDs is reported. Finally, the possible strategies to further improve the performance of environment‐friendly PeLEDs are given.