An excitation-energy-dependent luminescence phenomenon is reported in cesium lead bromide (CsPbBr3) perovskite nanosheets. At 10 K, the relative integrated luminescence intensity between the trapped exciton (TX) emission and the free exciton (FX) emission shows an interesting tendency with increasing the optical excitation energy from 2.431 eV (510 nm) to 3.758 eV (330 nm). To interpret such phenomenon, we develop a quantitative model on the basis of the biological population growth theory. A good agreement between experiment and theory is obtained. It is thus revealed that the lower capture coefficient of the TX level to the excited excitons via multiphonon emission relative to the FX level shall be the major cause of the observed phenomenon. These findings may help to deepen the current understanding of the complex luminescence mechanisms of these emerging light-emitting materials.