A solution phase synthesis process for preparing a rare earth perovskite, the process includes reacting an alkali metal material with a first surfactant ligand in the presence of a first solvent to obtain a first precursor complex solution; reacting a rare earth metal halide with a second surfactant ligand in the presence of a second solvent to obtain a second precursor complex solution; and reacting the first precursor complex solution with the second precursor complex solution in the presence of a third surfactant ligand and a third solvent to obtain the rare earth perovskite; wherein: the rare earth perovskite is in the form of nanocrystals; and the first solvent and third solvent comprise a non-coordinating solvent.