Multiple exciton generation (MEG), the generation of multiple electron–hole pairs from a single high-energy photon, can enhance the photoconversion efficiency in several technologies including photovoltaics, photon detection and solar-fuel production1,2,3,4,5,6. However, low efficiency, high photon-energy threshold and fast Auger recombination impede its practical application1,7. Here we achieve enhanced MEG with an efficiency of up to 87% and photon-energy threshold of two times the bandgap in highly stable, weakly confined formamidinium tin–lead iodide perovskite nanocrystals (FAPb1–xSnxI3 NCs; x ≤ 0.11). Importantly, an MEG-driven increment in the internal photocurrent quantum efficiency exceeding 100% with a low threshold is observed in such NC-sensitized photoconductors under ultraviolet-light illumination. The MEG enhancement mechanism is found to be mediated by the slower cooling and reduced trapping of hot carriers above the MEG threshold after the partial substitution of Pb by Sn. Our findings corroborate the potential importance of narrow-bandgap perovskite NCs for the development of optoelectronics that could benefit from MEG.