Lead–free Sn–halide perovskites (Sn–HPs) are attractive photomaterials due to their lower toxicity, and some of them with higher stability against moisture and water, compared to their Pb‐based analogous. Interestingly, Sn‐HPs can exhibit two types of optical characteristics: the first scenario is known as band‐edge electron transitions [or band‐to‐band (b‐b) emission], where accumulated electrons in the conduction band recombine with holes in the valence band, providing a close separation between the absorption edge/photoluminescence (PL) peak (small Stokes shift). The second scenario is denominated as self‐trapped exciton (STE), where intraband gap energy states are formed to trap photocarriers generated in the perovskite, producing a broadband PL and a large Stokes shift. These optical features have been suitable for developing prominent devices, but there is no consolidated explanation about the key factors influencing the emergence of b–b emission or STE in Sn‐HPs, mainly the presence of these PL mechanisms in a particular perovskite system. This review highlights how the chemical composition, structural defects, and synthetic procedures are pivotal to producing Sn‐HPs with specific b–b or STE features. This will allow the preparation of Sn‐HPs with better quality/stability, and facile modulation of their PL properties, expanding their future applicability in LCD technologies.