Colloidal metal halide perovskite nanocrystals (NCs) have emerged as promising materials for optoelectronic devices and received considerable attention recently. Their superior photoluminescence (PL) propertiesprovide significant advantages for lighting and display applications. In this Highlight, we discuss recentdevelopments in the design and chemical synthesis of colloidal perovskite NCs, including both organic–inorganic hybrid and all inorganic perovskite NCs. We review the excellent PL properties and currentoptoelectronic applications of these perovskite NCs. In addition, critical challenges that currently limit theapplicability of perovskite NCs are discussed, and prospects for future directions are proposed.