Abstract To fine‐tune surface ligands towards high‐performance devices, we developed an in situ passivation process for all‐inorganic cesium lead iodide (CsPbI 3 ) perovskite quantum dots (QDs) by using a bifunctional ligand, L‐phenylalanine (L‐PHE). Through the addition of this ligand into the precursor solution during synthesis, the in situ treated CsPbI 3 QDs display significantly reduced surface states, increased vacancy formation energy, higher photoluminescence quantum yields, and much improved stability. Consequently, the L‐PHE passivated CsPbI 3 QDs enabled the realization of QD solar cells with an optimal efficiency of 14.62 % and red light‐emitting diodes (LEDs) with a highest external quantum efficiency (EQE) of 10.21 %, respectively, demonstrating the great potential of ligand bonding management in improving the optoelectronic properties of solution‐processed perovskite QDs.