Energy and electron transfer processes in light harvesting assemblies dictate the outcome of the overall light energy conversion process. Halide perovskite nanocrystals such as CsPbBr3 with relatively high emission yield and strong light absorption can transfer singlet and triplet energy to surface-bound acceptor molecules. They can also induce photocatalytic reduction and oxidation by selectively transferring electrons and holes across the nanocrystal interface. This perspective discusses key factors dictating these excited-state pathways in perovskite nanocrystals and the fundamental differences between energy and electron transfer processes. Spectroscopic methods to decipher between these complex photoinduced pathways are presented. A basic understanding of the fundamental differences between the two excited deactivation processes (charge and energy transfer) and ways to modulate them should enable design of more efficient light harvesting assemblies with semiconductor and molecular systems.