Abstract All-inorganic lead halide perovskite nanocrystals (NCs) have been widely investigated as highly promising optical gain materials due to their compelling electrical and optical properties. Although many efforts have been carried out, a deep understanding of perovskite NC vertical-cavity surface-emitting lasers (VCSELs) is elusive, which is very important in the development of photoelectronic integrated circuits. Along these lines, in this work, a low lasing threshold (22 μJ/cm2) single-mode VCSEL consisting of CsPbBr3 NCs film and two distributed Bragg reflectors was successfully constructed. The CsPbBr3 NCs were synthesized by using the supersaturated recrystallization method. Interestingly, benefiting from the strong coupling between the active layer and the optical field in the cavity, a single-mode lasing at 527 nm was demonstrated under femtosecond optical pumping. The carrier dynamics of the perovskite NC VCSEL was also thoroughly investigated by performing pump intensity-dependent time-resolved photoluminescence measurements. The typical gain-switching phenomenon was observed with an ultrafast decay of the laser pulse of ∼10 ps. Our work provides valuable insights for the implementation of the CsPbBr3 NC VCSEL for various optoelectronic applications.