The optoelectronic properties of lead halide perovskites are intimately related to their crystalline phase. For the case of cesium lead iodide (CsPbI3) several polymorphs meet the Goldschmidt tolerance factor, which determines their stability, and form broad band absorber and luminescent phases. However, at room temperature none of them are stable, which prevents their use in optoelectronics. In this work, bare CsPbI3 nanocrystals are synthesized in the sub‐10 nm range in the “black”, light emitting, crystalline phase, using a pore controlled SiO2 matrix that limits crystal size and confers a certain degree of strain that favors their stability. Quantum confinement effects allow the tuning of the optical properties of the CsPbI3 nanocrystals by means of the crystal size. Their suitability as optoelectronic materials is demonstrated by building scaffold supported CsPbI3 quantum dot based photovoltaic and light emitting devices.