This article reviews the genesis, challenges, and opportunities of colloidal lead halide perovskite nanocrystals (LHP NCs). LHP NCs, known for their unique optical properties and high photoluminescence quantum yields, have attracted significant attention due to their "soft" ionic lattice structure and tolerance to structural defects and surface states. The review discusses the historical and current research on LHP NCs, including their synthesis methods, structural features, and stability issues. It highlights the potential applications of LHP NCs in consumer optoelectronics, such as LCD backlighting, LEDs, and solar cells, as well as their use as single-photon sources for quantum technologies. The article also addresses the toxicity concerns associated with lead and explores lead-free alternatives. Despite the challenges, the review concludes with a positive outlook on the future of LHP NCs, emphasizing their potential in various technological applications.This article reviews the genesis, challenges, and opportunities of colloidal lead halide perovskite nanocrystals (LHP NCs). LHP NCs, known for their unique optical properties and high photoluminescence quantum yields, have attracted significant attention due to their "soft" ionic lattice structure and tolerance to structural defects and surface states. The review discusses the historical and current research on LHP NCs, including their synthesis methods, structural features, and stability issues. It highlights the potential applications of LHP NCs in consumer optoelectronics, such as LCD backlighting, LEDs, and solar cells, as well as their use as single-photon sources for quantum technologies. The article also addresses the toxicity concerns associated with lead and explores lead-free alternatives. Despite the challenges, the review concludes with a positive outlook on the future of LHP NCs, emphasizing their potential in various technological applications.