AbstractTailoring bandgap by mixed‐halide strategy in perovskites has attracted extraordinary attention due to the flexibility of halide ion combinations and has emerged as the most direct and effective approach to precisely tune the emission wavelength throughout the entire visible light spectrum. Mixed‐halide perovskites, yet, still suffered from several problems, particularly phase segregation under external stimuli because of ions migration. Understanding the essential cause and finding sound strategies, thus, remains a challenge for stable and efficient mixed‐halide perovskite light‐emitting diodes (PeLEDs). The review herein presents an overview of the diverse application scenarios and the profound significance associated with mixed‐halide perovskites. We then summarize the challenges and potential research directions toward developing high stable and efficient mixed‐halide PeLEDs. The review thus provides a systematic and timely summary for the community to deepen the understanding of mixed‐halide perovskite materials and resulting PeLEDs.