This review provides detailed information on perovskite solar cell device background and monitors stepwise scientific efforts applied to improve device performance with time. The work reviews previous studies and the latest developments in the perovskite crystal structure, electronic structure, device architecture, fabrication methods, and challenges. Advantages, such as easy bandgap tunability, low charge recombination rates, and low fabrication cost, are among the topics discussed. Some of the most important elements highlighted in this review are concerns regarding commercialization and prototyping. Perovskite solar cells are generally still lab-based devices suffering from drawbacks such as device intrinsic and extrinsic instabilities and rising environmental concerns due to the use of the toxic inorganic lead (Pb) element in the perovskite (ABX3) light-active material. Some interesting recommendations and possible future perspectives are well articulated.