Strong emission over a wide near-infrared (NIR) region makes lead sulfide quantum dots (QDs) a preferred material in building NIR light-emitting diodes (NIR-LEDs) for numerous applications. Narrow-bandgap emitter QDs blended in the matrix of high-band gap QDs offer a simple yet powerful architectural platform for building high-performance NIR-LEDs. So far, the all-QD-based blend architecture has been realized using a poorly controlled solid-state ligand exchange approach. Advanced solution-phase ligand exchange, which offers greater control over surface passivation, is yet to be realized in all-QD LED device construction. We observe that the solution-phase ligand exchange from the optimized lead halide and thiol ligand combination, used in high-performing QD solar cell construction, is inefficient in realizing efficient all-QD LEDs, which could have restricted the adoption of the solution-phase ligand exchange thus far. Here, we introduce an innovative dual-ligand strategy to build all-QD-based NIR-LEDs using an advanced solution-phase ligand exchange approach. Through ligand engineering of matrix QDs, we managed to improve photoluminescence quantum yield (40%), reduce trap density (10 14 cm −3 ), and prolong carrier lifetime (832 ns). The LED devices benefit from improved electronic properties and balanced carrier injection to yield 6% EQE and 7.7% PCE, which are six times higher than those of state-of-the-art ligands.