The lack of long-term stability, the presence of toxic lead, and a low photoluminescence (PL) efficiency are the major obstacles to the commercialization of lead-halide perovskite-based optoelectronic and photovoltaic devices. Herein we report a facile ambient condition doping protocol that addresses all three issues of the CsPbX3 perovskite nanocrystals (NCs) to a substantial extent. We show that the room-temperature treatment of these NCs with MgX2 results in the partial (18-23%) replacement of toxic lead, enhances the PL quantum yield of green-emitting CsPbBr3 (to ∼100% from ∼51%) and violet-emitting CsPbCl3 NCs (to ∼79% from ∼1%), and improves the stability under ambient conditions and in the presence of light and a polar solvent. Ultrafast pump-probe and temperature-dependent PL studies reveal that curing of the intrinsic structural disorder, introduction of some shallow energy levels close to the conduction band edge, and effective passivation of the halide deficiency contribute to the improved properties of the doped systems.