Inorganic metal halide perovskite system is considered as a promising candidate for applications from display to biomedical industry. Intrinsic inorganic lead halides possess small Stokes shift or self‐absorption, providing negative impact for both photo voltaic and biomedical applications. Therefore, the development of an inorganic halide perovskite system with large Stokes shift is a significant venture. This review aims to provide an updated survey of the Stokes shift phenomena in the inorganic lead halide perovskites. The first section focuses about the mechanism, the second section gives different approaches in preparing inorganic perovskites with distinct Stokes shift, while the third section highlights the potential applications in both photovoltaic and biomedical areas. This review provides deep insight about the importance and usefulness of such phenomena in inorganic lead halides, essential for various applications.