Microcavity electron-hole-photon systems in two-dimensions are long anticipated to exhibit a crossover from Bose-Einstein condensate (BEC) to Bardeen-Cooper-Schrieffer (BCS) superfluid, when carrier density is tuned to reach the Mott transition density. Yet, theoretical understanding of such a BEC-BCS crossover largely relies on the mean-field framework and the nature of the carriers at the crossover remains unclear to some extent. Here, motivated by the recent demonstration of a BCS polariton laser [Hu et al., arXiv:1902.00142] and based on a simplified short-range description of the electron-hole attraction, we examine the role of quantum fluctuations in an excitonpolariton condensate at thermal equilibrium and determine the number of different type carriers at the crossover beyond mean-field. Near Mott density and with ultra-strong light-matter coupling, we find an unexpectedly large phase window for a strongly correlated BCS polariton condensate, where both fermionic Bogoliubov quasi-particles and bosonic excitons are significantly populated and strongly couple to photons. We predict its photoluminescence spectra and show that the upper polariton energy gets notably renormalized, giving rise to a high-energy side-peak at large carrier density, as observed in recent experiments.Over the past two decades, the realization of quantum fluids of electron-hole-photon condensates in semiconductor microcavities [1-4] has opened a new era for better photonic technologies [5,6]. In most situations with low carrier density, tightly bound electron-hole (e-h) pairs can be well approximated as structureless point-like bosons of small Bohr radius a B . Coupled with photons, they turn into quasi-particles (i.e., exciton-polaritons) and undergo Bose-Einstein condensation (BEC) at sufficiently low temperatures [1][2][3][4]. When carrier density is high, comparable to a characteristic Mott transition density n mott ∼ a −2 B , the composite nature of e-h pairs becomes important and the emerging fermionic degree of freedoms may eventually lead to a Bardeen-Cooper-Schrieffer (BCS) polariton condensate [7], where the loosely-bound fermionic e-h pairs are formed by photonmediated attractions [8][9][10], rather than Coulomb interactions that turn out to be screened. This high-density regime was recently investigated in several experiments [11,12]. While the strong coupling between e-h pairs and photons was confirmed via the observation of a negative excitation branch [12] and a puzzling high-energy side-peak [11] in photoluminescence, the existence of a BCS polariton condensate remains elusive. In the highly non-equilibrium lasing regime, the signature of a BCS polariton laser was mostly recently demonstrated [13].Microscopic theoretical description of the evolution from an exciton-polariton BEC to a BCS polariton condensate, the so-called BEC-BCS crossover, is highly nontrivial due to several reasons: (i) The inter-particle Coulomb interactions are strong and long-range; (ii) The coupling between light and matter can also be nonpertu...