Halide perovskite light‐emitting diodes (LEDs) have made remarkable advancements in both efficiency and stability. However, when compared to green and red LEDs, blue perovskite LEDs still lag behind in terms of efficiency and stability. Presently, efficient blue LEDs primarily rely on lead‐based perovskites, which goes against the environmentally friendly practices and restricts potential industrial applications. Consequently, there has been a surge of interest in academic research toward developing blue LEDs using lead‐free perovskites. This paper provides a comprehensive review of the structural diversity of lead‐free perovskite derivatives used for blue emission, encompassing Sn‐, Zr‐, Bi‐, Sb‐, Cu‐, Zn‐based halides as well as double perovskites. Various material synthesis techniques are discussed, such as nanocrystal preparation and film preparation. Additionally, the photoluminescence properties for different energy band structures are outlined, along with the luminescence mechanism involving energy transfer and strategies for enhancing luminous efficiency. The advancement in efficiency and stability of lead‐free perovskite LEDs is also examined in this review. Finally, the current challenges and future opportunities in advancing research on blue lead‐free perovskite derivatives and their potential application in LED technology is emphasized.