2D layered materials derived from their bulk counterparts are intriguing platforms for the exploration of novel optoelectronic applications and fundamental physical phenomena. Among the 2D family, 2D semiconductors with sizable bandgaps, such as transitional metal dichalcogenides and black phosphorus, are promising building blocks for next‐generation light‐emitting applications due to their extraordinary optical and photoelectrical properties. Originating from the combined effect of quantum confinement and reduced dielectric screening, the excitonic effect is dominant in ultrathin 2D semiconductors and of essential importance for the performance of 2D light‐emitting diodes (2DLEDs). Herein, a systematic summary and review is presented, where excitonic properties and the main influencing factors, including Coulomb interactions, band structures, carrier dynamics, and external electrical fields, are first analyzed. The recent progress of 2DLEDs as well as their excitonic emission features and electroluminescence manipulation are then introduced. Lastly, the ongoing challenges and future prospects of 2DLEDs are discussed.