Lead halide perovskite nanocrystals are attracting considerable interest as next-generation optoelectronic materials. Optical responses of nanocrystals are determined by excitons and exciton complexes such as trions and biexcitons. Understanding of their dynamics is indispensable for the optimal design of optoelectronic devices and the development of new functional properties. Here, we summarize the recent advances on the exciton and biexciton photophysics in lead halide perovskite nanocrystals revealed by femtosecond time-resolved spectroscopy and single-dot spectroscopy. We discuss the impact of the biexciton dynamics on controlling and improving the optical gain.