AbstractPerovskite solar cells (PSCs) exhibit the steepest growth in power conversion efficiency among the existing photovoltaic technologies. However, a wide range of factors restrict the commercial viability of PSCs as a renewable energy source. This article reviews the latest progress in PSC devices including innovative light‐harvesting perovskite materials and advanced interfacial layers, and the foremost challenges. The most promising remedial solutions to challenges are also discussed. For the realization of a high performing and eco‐friendly stabilized perovskite photovoltaic device, a combinational method involving multiple restorative solutions is required. A specific emphasis is given to unveiling interesting perovskite properties, and device fabrication approaches to the solutions. These remedies and strategies may help researchers to select appropriate methods and design their experiments to obtain a high photo‐conversion efficiency in photovoltaic devices with enhanced stability as compared to conventional photovoltaic devices.