Perovskite light-emitting diodes (PeLEDs) have undergone rapid development in the last several years with external quantum efficiencies (EQEs) reaching over 21%. However, most PeLEDs still suffer from severe efficiency roll-off (droop) at high injection current densities, thus limiting their achievable brightness and presenting a challenge to their use in laser diode applications. In this work, we show that the roll-off characteristics of PeLEDs are affected by a combination of charge injection imbalance, nonradiative Auger recombination, and Joule heating. To realize ultrabright and efficient PeLEDs, several strategies have been applied. First, we designed an energy ladder to balance the electron and hole transport. Second, we optimized perovskite materials to possess reduced Auger recombination rates and improved carrier mobility. Third, we replaced glass substrates with sapphire substrates to better dissipate joule heat. Finally, by applying a current-focusing architecture, we achieved PeLEDs with a record luminance of 7.6 Mcd/m2. The devices can be operated at very high current densities (J) up to ∼1 kA/cm2. Our work suggests a broad application prospect of perovskite materials for high-brightness LEDs and ultimately a potential for solution-processed electrically pumped laser diodes.