The lead halide perovskite (LHP) nanocrystals (NCs) research area is flourishing due to their exceptional properties and great potential for a wide range of applications in optoelectronics and photovoltaics. Yet, despite the momentum in the field, perovskite devices are not yet ready for commercialization due to degradation caused by intrinsic phase transitions and external factors such as moisture, temperature, and ultraviolet (UV) light. To attain long-term stability, we analyze the origin of instabilities and describe different strategies such as surface modification, encapsulation, and doping for long-term viability. We also assess how these stabilizing strategies have been utilized to obtain optoelectronic devices with long-term stability. This Mini-Review also outlines the future direction of each strategy for producing highly efficient and ultrastable LHP NCs for sustainable applications.