Dilepton decays of pseudoscalar mesons have been drawing particular interest, thanks to their sensitivity to both the QCD dynamics at low energy and also signals beyond the Standard Model. In this context, we shortly review our recent study on an improved Standard-Model prediction for the rare decay $\pi^0\to e^+e^-$, and compare it with the first determination on the lattice that predicted also the $\pi^0\to \gamma\gamma $ decay width as a byproduct. In addition, we discuss our recent work on $K_L\to\ell^+\ell^-$ decays and its connection to lattice QCD. We comment on the current uncertainty estimates and discuss how they could be improved profiting from future experiments and progress in lattice QCD.