Two-dimensional (2D) perovskites are known as one of the most promising luminescent materials due to their structural diversity and outstanding optoelectronic properties. Compared with 3D perovskites, 2D perovskites have natural quantum well structures, large exciton binding energy (E_b) and outstanding thermal stability, which shows great potential in the next-generation displays and solid-state lighting. In this review, the fundamental structure, photophysical and electrical properties of 2D perovskite films were illustrated systematically. Based on the advantages of 2D perovskites, such as special energy funnel process, ultra-fast energy transfer, dense film and low efficiency roll-off, the remarkable achievements of 2D perovskite light-emitting diodes (PeLEDs) are summarized, and exciting challenges of 2D perovskite are also discussed. An outlook on further improving the efficiency of pure-blue PeLEDs, enhancing the operational stability of PeLEDs and reducing the toxicity to push this field forward was also provided. This review provides an overview of the recent developments of 2D perovskite materials and LED applications, and outlining challenges for achieving the high-performance devices."Image missing"<!-- image only, no MathML or LaTex -->