Halide perovskites (HPs) are potential game-changing materials for a broad spectrum of optoelectronic applications ranging from photovoltaics, light-emitting devices, lasers to radiation detectors, ferroelectrics, thermoelectrics, etc. Underpinning this spectacular expansion is their fascinating photophysics involving a complex interplay of carrier, lattice, and quasi-particle interactions spanning several temporal orders that give rise to their remarkable optical and electronic properties. Herein, we critically examine and distill their dynamical behavior, collective interactions, and underlying mechanisms in conjunction with the experimental approaches. This review aims to provide a unified photophysical picture fundamental to understanding the outstanding light-harvesting and light-emitting properties of HPs. The hotbed of carrier and quasi-particle interactions uncovered in HPs underscores the critical role of ultrafast spectroscopy and fundamental photophysics studies in advancing perovskite optoelectronics.