Over a short period of approximately 10 years, metal‐halide‐perovskite‐based photovoltaics have demonstrated unprecedented improvements in solar cell performance beyond the various major photovoltaic semiconductor materials such as organic, cadmium telluride, and copper indium gallium selenide. With this, the current focus lies on the commercialization of perovskite solar cell technology and the issues encountered while ensuring and balancing high efficiency, stability, and eco‐friendliness in the photovoltaic community. This article reviews prominent developments in perovskite‐based photovoltaic power generation based on the ABI₃ structure, describing the current state and understanding of state‐of‐the‐art solar cell drives. Accordingly, methods to improve the efficiency and long‐term operational stability, lead toxicity, nonlead perovskites, bandgap optimization, and tandem solar cells are discussed. Prospects and views on future research considering the feasibility of perovskite technology commercialization are provided.