The correlation between structural transformation and optical characteristics of cesium lead bromide (CsPbBr3) nanocrystals (NCs) suggests insights into their growth mechanism and optical performance. Systematic control of reaction parameters led to the successful fabrication of on-demand shape-morphing CsPbBr3 NCs. Transmission electron microscopy observations showed that the shape transformation from nanocubes to microcrystals could be accelerated by increasing the precursor:ligand molar ratio and reaction time. Further evidence for orthorhombic CsPbBr3 NCs was obtained from their selected-area electron diffraction pattern, which exhibits a twin domain induced by the presence of large NCs. Likewise, we observed a substantial decrease in photoluminescence (PL) intensity of CsPbBr3 due to surface decomposition or surface ligand loss resulting from increased size. In addition, fusion of smaller particles having other dimensionality induced the increase in the PL full-width at half maximum. In particular, existence of larger bulk material caused a reduction in the peak intensity in the absorption spectra and a trend of decreasing tendency in intensity of the absorption bands related to bromoplumbate species provided direct evidence of fully converted Cs-oleate.