As display technologies progress towards enhanced visual performance, there was a growing demand for color conversion materials to meet increasingly stringent performance requirements. In recent years, all-inorganic perovskite CsPbX3 (X = Cl, Br, I) nanocrystals (NCs) had gained attention in the field of wide color gamut backlight displays due to their tunable full spectrum, narrow-band emission, high color purity, and ease of processing. However, red-emitting perovskite NCs were still facing challenges with photoluminescence quantum yield (PLQY) and stability. In this study, Yb3+ doped CsPbBr1I2 perovskite nanocrystal glass (Yb3+@CsPbBr1I2 PNG) was synthesized using a melt-quenching technique. Samples emitting at a narrow band centered at 630nm, with a full width at half maximum(FWHM) of 31.8nm, exhibited a high PLQY of 80.36% and retained fluorescence intensity at 98.2% of the initial value in water, maintaining to 92.6% after continuous blue light irradiation for 60 days. Moreover, the optical conversion film Yb3+@CsPbBr1I2@CsPbBr3@PET developed in our study showcased color gamut coverage surpassing 132.9% of the NTSC 1953 standard and 98.8% of the Rec.2020 standard. In summary, the highly efficient and remarkably stable red-emitting Yb3+@CsPbBr1I2 PNG composite material introduced in this study paved the way for future advancements in wide color gamut and ultra-high definition backlight display technologies.