Abstract CsPbCl 3 nanocrystals (NCs) exhibit vast potential in high‐energy emission applications owing to their wide‐bandgap characteristics, that differ from those of CsPbBr 3 and CsPbI 3 NCs. Recently, significant developments related to CsPbCl 3 NCs have been achieved with regard to tunable emission, luminescence efficiency, and stability, along with their use as hosts for the sensitization of transition metals or rare‐earth ions. This review describes the important factors that influence the optical properties of CsPbCl 3 NCs based on factors such as crystal structure, defect compositions, and surface states. In addition, fundamental strategies for improving the performance of CsPbCl 3 NCs are discussed, including direct synthesis, post‐treatment methods, and cation doping by either single‐ or co‐doping. The prospects of CsPbCl 3 NCs for related optoelectronic applications are reviewed, with emphasis on practical hurdles that need to be overcome in the future.