Recently, the light-emitting diode (LED) has been considered as an energy-saving and environment-friendly lighting technology, which is ten times more energy efficient than conventional incandescent lights. As an emerging photoelectric material, metal halide perovskites have attracted considerable attention due to their adjustable band gap, high photoluminescence quantum yield and high color purity. In particular, the abundant perovskite raw material can reduce the cost and the production process is simple to speed up the production cycle. With their excellent performance, perovskite LEDs (PeLEDs) will become a strong competitor of inorganic LEDs and organic LEDs in the future. In this perspective, we first analyze the cost of perovskite in terms of materials, manufacturing and overhead. Then, the excellent properties and efficiency of PeLEDs are summarized. Finally, we propose the challenging issues of PeLEDs in terms of long lifetime, highly efficient blue electroluminescence, toxicity and bioavailability of lead.