Due to the impressive optoelectronic properties, metal–halide perovskites (MHPs) have drawn much attention in the field of next‐generation photovoltaics, and perovskite solar cells (PSCs) based on MHPs as light absorbers have reached a certified power conversion efficiency (PCE) of 25.5% in 2020. Despite the great progress, it is still challenging to fabricate high‐quality MHP films. Due to the “soft” ionic nature of MHPs, their polycrystalline films suffer from inevitable residual strain, which is found to not only be fatal to photovoltaic performance of PSCs, but also seriously accelerate the degradation of MHP film. As a result, understanding of strain in MHPs and the key role of strain engineering in improving the photovoltaic performance of PSCs have recently been extensively investigated. Herein, the recent progress of strain engineering in MHPs and their PSCs is systematically summarized. First, the origin of strain in MHPs and the impact of strain on the optoelectronic characteristics of MHPs are carefully discussed. Thereafter, the up‐to‐date studies focusing on strain engineering in PSCs are comprehensively reviewed. At last, the current challenges and future prospects in this field are highlighted.