Phosphor-converted LEDs or pc-LEDs, as a solid-state lighting source, are attractive for next-generation display technologies because of their energy savings, and green environmentally friendly nature. Recently, white LEDs are being produced commercially by coating blue LED (440-470 nm) chips with various yellow-emitting phosphors. However, the LEDs produced by this technique often exhibit high correlated color temperature (CCT) and low color rendering index (CRI) values, due to sufficient red spectral components not being present, and thus aren’t suitable for commercial grade white illumination. To circumvent this drawback, our work reports for the first time the use of blue and green-emitting nitrogen-functionalized GQDs coupled with red-emitting CsPbI3 NCs for phosphor based LED applications. We deployed near-UV to visible excitable red-emitting perovskite CsPbI3 nanocrystals which contribute toward the red spectral component, thus greatly improving the CRI of the LEDs. CsPbI3 nanocrystals are optically excited by nitrogen functionalized graphene quantum dots (GQDs) with blue and green emissions in a remote double-layer phosphor stack technique. This double phosphor layer stacking greatly improves both the color rendering index (CRI) and luminous efficiency of radiation (LER), which usually has a trade-off in previously reported phosphor stacks. A correlated color temperature of ~5182 K providing daylight white tonality, with superior color rendering index (~90%) and ultrahigh luminous efficiency of radiation(~250 lumens/watt) are reported, which are significantly higher than the established benchmarks.