Lead chalcogenide nanocrystals (NCs) are an emerging class of photoactive materials that have become a versatile tool for fabricating new generation photonics devices operating in the near-IR spectral range. NCs are presented in a wide variety of forms and sizes, each of which has its own unique features. Here, we discuss colloidal lead chalcogenide NCs in which one dimension is much smaller than the others, i.e., two-dimensional (2D) NCs. The purpose of this review is to present a complete picture of today’s progress on such materials. The topic is quite complicated, as a variety of synthetic approaches result in NCs with different thicknesses and lateral sizes, which dramatically change the NCs photophysical properties. The recent advances highlighted in this review demonstrate lead chalcogenide 2D NCs as promising materials for breakthrough developments. We summarized and organized the known data, including theoretical works, to highlight the most important 2D NC features and give the basis for their interpretation.