Lead-based halide perovskite nanocrystals (PeNCs) have demonstrated remarkable potential for use in light-emitting diodes (LEDs). This is because of their high photoluminescence quantum yield, defect tolerance, tunable emission wavelength, color purity, and high device efficiency. However, the environmental toxicity of Pb has impeded their commercial viability owing to the restriction of hazardous substances directive. Therefore, Pb-free PeNCs have emerged as a promising solution for the development of eco-friendly LEDs. This review article presents a detailed analysis of the various compositions of Pb-free PeNCs, including tin-, bismuth-, antimony-, and copper-based perovskites and double perovskites, focusing on their stability, optoelectronic properties, and device performance in LEDs. Furthermore, we address the challenges encountered in using Pb-free PeNC-LEDs and discuss the prospects and potential of these Pb-free PeNCs as sustainable alternatives to lead-based PeLEDs. In this review, we aim to shed light on the current state of Pb-free PeNC LEDs and highlight their significance in driving the development of eco-friendly LED technologies.