Colloidal perovskite nanocrystals (PNCs) combine the outstanding optoelectronic properties of bulk perovskites with strong quantum confinement effects at the nanoscale. Their facile and low‐cost synthesis, together with superior photoluminescence quantum yields and exceptional optical versatility, make PNCs promising candidates for next‐generation optoelectronics. However, this field is still in its early infancy and not yet ready for commercialization due to several open challenges to be addressed, such as toxicity and stability. Here, the key synthesis strategies and the tunable optical properties of PNCs are discussed. The photophysical underpinnings of PNCs, in correlation with recent developments of PNC‐based optoelectronic devices, are especially highlighted. The final goal is to outline a theoretical scaffold for the design of high‐performance devices that can at the same time address the commercialization challenges of PNC‐based technology.