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Abstract Unlike single‐component 2D metal halide perovskites (MHPs) exhibiting sharp excitonic photoluminescence (PL), a broadband PL emerges in mixed Pb‐Sn 2D lattices. Two physical models –self‐trapped exciton and defect‐induced Stokes‐shift – are proposed to explain this unconventional phenomenon. However, the explanations provide limited rationalizations without consideration of the formidable compositional space, and thus, the fundamental origin of broadband PL remains elusive. Herein, the high‐throughput automated experimental workflow is established to systematically explore the broadband PL in mixed Pb‐Sn 2D MHPs, employing PEA (Phenethylammonium) as a model cation known to work as a rigid organic spacer. Spectrally, the broadband PL becomes further broadened with rapid PEA₂PbI₄phase segregation with increasing Pb concentrations during early‐stage crystallization. Counterintuitively, MHPs with high Pb concentrations exhibit prolonged PL lifetimes. Hyperspectral microscopy identifies substantial PEA₂PbI₄phase segregation in those films, hypothesizing that the establishment of charge transfer excitons by the phase segregation upon crystallization at high‐Pb compositions results in distinctive PL properties. These results indicate that two independent mechanisms—defect‐induced Stoke‐shifts and the establishment of charge transfer excitons by phase segregation—coexist which significantly correlates with the Pb:Sn ratio, thereby simultaneously contributing to the broadband PL emission in 2D mixed Pb‐Sn HPs.