Recently emerged lead-halide perovskite nanocrystals (PNCs) are promising optoelectronic material due to their easy solution processability, wide range of color tunability, as well as very high photoluminescence quantum yield. Despite their significant success in lab-scale optoelectronic applications, the long-term stability becomes the main issue, hindering them towards commercialization. The highly ionic nature of such lead-halide structure makes them extremely unstable in water and air. But a very few groups have taken the advantage of such nature of the crystal structure for water-triggered chemical transformation towards shape, composition, and morphology controlled stable and bright PNCs, which are otherwise difficult to obtain by typical direct approach. Furthermore, using polymer as an encapsulating layer for the PNCs, water-soluble stable PNCs have been prepared. In this review, the recent progress on the water-hexane interface chemistry towards chemical transformation to produce several PNCs is described. Such method not only ensure to yield several shape-controlled perovskites nanocrystals, but also formation of perovskites in aqueous phase that show promising application towards bio-imaging.