Despite the young age of the research field, substantial progress has been made in the study of metal halide perovskite nanocrystals (HPNCs). Just as their thin-film counterparts are used for light absorption in solar cells, they are on the way to revolutionizing research on novel chromophores for light emission applications. Exciting physics arising from their peculiar structural, electronic, and excitonic properties are being discovered with breathtaking speed. Many things we have learned from the study of conventional semiconductor quantum dots (CSQDs) of II−VI (e.g., CdSe), IV−VI (e.g., PbS), and III−V (e.g., InP) compounds have to be thought over, as HPNCs behave differently. This Feature Article compares both families of nanocrystals and then focuses on approaches for substituting toxic heavy metals without sacrificing the unique optical properties as well as on surface coating strategies for enhancing the long-term stability.