Light emission is a critical property that must be maximized and controlled to reach the performance limits in optoelectronic devices such as photovoltaic solar cells and light‐emitting diodes. Halide perovskites are an exciting family of materials for these applications owing to uniquely promising attributes that favor strong luminescence in device structures. Herein, the current understanding of the physics of light emission in state‐of‐the‐art metal‐halide perovskite devices is presented. Photon generation and management, and how these can be further exploited in device structures, are discussed. Key processes involved in photoluminescence and electroluminescence in devices as well as recent efforts to reduce nonradiative losses in neat films and interfaces are discussed. Finally, pathways toward reaching device efficiency limits and how the unique properties of perovskites provide a tremendous opportunity to significantly disrupt both the power generation and lighting industries are outlined.