Films of the quasi‐2D perovskite based on 1‐naphthylmethylamine (NMA) are promising as the gain medium for optically pumped lasing and future electrically pumped lasing because of its low lasing threshold and small electroluminescence efficiency rolloff. However, reasons for the low threshold and small efficiency rolloff are still unclear. Therefore, exciton dynamics are investigated in NMA‐based quasi‐2D perovskite films. It is found that quenching of bright excitons by other excitons or charge carriers is unlikely in NMA‐based quasi‐2D perovskite films, which is one reason for the low lasing threshold and small efficiency rolloff. Moreover, thermally stimulated current measurements reveal that the defect levels inside the band gap of the NMA‐based quasi‐2D perovskite are shallow, with a depth of ≈0.3 eV, causing a decrease in nonradiative exciton recombination through the defects. Therefore, population inversion can be easily achieved, leading to the low lasing threshold as well. For fabrication of NMA‐based quasi‐2D perovskite laser devices with even lower lasing thresholds, a circular‐shaped optical resonator, and small‐molecule‐based defect passivation are used. Optically pumped lasing can be obtained from these devices, with a threshold of ≈1 µJ cm−2, which is one of the lowest values ever reported in any perovskite lasers.