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Hybrid halide perovskite solar cells have been recognized as one of the most promising future photovoltaic technologies due to their demonstrated high‐power conversion efficiency, versatile stoichiometry and low cost. However, degradation caused by environmental exposure and structural instability due to ionic defect migration hinders the commercialization of this technology. While the experimental studies try to understand the phenomenology of the degradation mechanisms and devise practical measures to improve the stability of these materials, theoretical studies have attempted to bridge the gaps in our understanding of the fundamental degradation mechanisms at different time and length scales. A deeper understanding of the physical and chemical phenomena at an atomic level through multiscale materials modeling is going to be crucial for the knowledge‐based prognosis and design of future halide perovskites. There have been increased efforts in this direction in the last few years. However, the instability fundamentals explored through atomistic modeling and simulation methods have not been reviewed comprehensively in the literature yet. Therefore, this paper is an attempt to present a critical review, while identifying the existing gaps and opportunities in the investigation of the degradation and instability issues of the halide perovskites using computational methods. The review will primarily focus on the instability caused due to the intrinsic ionic defect migration and degradation due to thermal, moisture and light exposure. The findings from the simulation studies conducted primarily using density functional theory, ab initio molecular dynamics, classical molecular dynamics and machine learning methods will be presented.This article is categorized under: Software > Molecular Modeling Structure and Mechanism > Computational Materials Science Data Science > Artificial Intelligence/Machine Learning