Organic-inorganic hybrid perovskite is a class of direct-bandgap semiconductors that can be processed as thin films from solutions by low-temperature methods. Among various solution-processable semiconductor materials, the hybrid perovskites exhibit unique combination of low bulk-trap densities, remarkable ambipolar transport properties, good broadband absorption characteristics and long charge carrier diffusion lengths, making them ideal for photovoltaic applications. Furthermore, as direct bandgap semiconductors with low bulk trap densities, the hybrid perovskite films possess remarkable luminescent properties. The bandgap of the hybrid perovskites can be tuned by crystal engineering, i.e. tuning the composition at molecular levels. These intriguing properties indicate that the hybrid perovskites may also find applications in light-emitting diodes and lasing. This paper reviews the unique properties and current research progresses of this class of dream material and provides our perspective of future directions. © 2015 Shanghai Institute of Organic Chemistry, Chinese Academy of Sciences.