Future displays need to be stretchable, bendable, and wearable to match consumers’ needs for convenience, portable equipment, and real‐time information display. The development of flexible light source components, like flexible light‐emitting diodes (LEDs), is urgently required to fulfill these needs. Metal halide perovskites, known for their excellent optoelectronic properties and ductility, are considered the most promising light‐emitting materials for high‐definition displays, and their outstanding advantage is that the metal halide perovskites would be achieved by solution process under low temperature (<150 °C), which is especially good for the flexible organic substrates to maintain high conductivity during fabrication of flexible LEDs. In recent years, flexible perovskite LEDs have made significant progress, but still face a great deal of difficulties, obstacles, and great challenges. Herein, the mechanical properties of perovskite materials are examined and the failures for perovskite‐based flexible optoelectronic devices under strain are discussed. The authors then focus on optimizing each functional layer and the recent advancement in flexible perovskite LEDs is summarized. Finally, a brief outlook on the challenges faced by flexible perovskite LEDs and their possible future development is provided.