Light-emitting diodes (LEDs) based on perovskites show great potential in lighting and display applications. However, although perovskite films with high photoluminescence quantum efficiencies are commonly achieved, the efficiencies of perovskite LEDs are largely limited by the low light out-coupling efficiency. Here, we show that high-efficiency perovskite LEDs with a high external quantum efficiency of 20.2％and an ultrahigh radiant exitance up to 114.9 mW cm?2 can be achieved by employing the microcavity effect to enhance light extraction. The enhanced microcavity effect and light out-coupling efficiency are confirmed by the study of angle-dependent emission profiles. Our results show that both the optical and electrical properties of the device need to be optimized to achieve high-performance perovskite LEDs.