Metal halide-based perovskite quantum dots (QDs) have emerged as promising materials for optoelectronics and future energy applications. Among them, cesium lead halide-based perovskite quantum dots (Cs-LHQDs) have been found to be potential luminescent candidates and alternatives for the II–VI and $I−III−VI2$ groups semiconductor nanoparticles. These perovskites provide an excellent quantum yield (90%) larger than any other semiconductor QDs. At present, synthesis of Cs-LHQDs has been successfully achieved through a traditional colloidal-based hot-injection method and a room temperature precipitation method. Some of the interesting results in their structural, optical, and morphological properties are being analyzed to understand their energy-transfer mechanism in the colloidal state. Morphology of nanoplates, nanowires, nanocube, and nanosheets in these materials confirms their physical parameters-dependent self-assembly nature in a colloidal medium. Their potential use for light emitting diodes, photodetectors, and lasers is also highly motivated. This review provides a collective view of recent developments made in the synthesis of Cs-LHQDs and their properties.