<p>Perovskite light-emitting diodes (PeLEDs) have shown outstanding potential in next-generation lighting and display owing to the advantages of broad spectral tunability, excellent color purity, high photoluminescence quantum yields (PLQYs), and low processing cost. Device efficiency and stability are crucial indicators to evaluate whether a PeLED can meet commercial application requirements. In this review, we first discuss strategies for achieving high external quantum efficiencies (EQEs), including controlling charge injection and balance, enhancing radiative recombination, and improving light outcoupling efficiency. Next, we review recent advances in operational stability of PeLEDs and emphasize the mechanisms of degradation in PeLEDs, including ion migration, structural transformations, chemical interactions, and thermal degradation. Through detailed analysis and discussion, this review aims to facilitate progress and innovation in highly efficient and stable PeLEDs, which have significant promise for display and solid-state lighting technologies, as well as other emerging applications.</p>