Methylammonium lead triiodide (CH3NH3PbI3/MAPbI3) is the most intensively explored perovskite light-absorbing material for hybrid organic–inorganic perovskite photovoltaics due to its unique optoelectronic properties and advantages. This includes tunable bandgap, a higher absorption coefficient than conventional materials used in photovoltaics, ease of manufacturing due to solution processability, and low fabrication costs. In addition, the MAPbI3 absorber layer provides one of the highest open-circuit voltages (Voc), low Voc loss/deficit, and low exciton binding energy, resulting in better charge transport with decent charge carrier mobilities and long diffusion lengths of charge carriers, making it a suitable candidate for photovoltaic applications. Unfortunately, MAPbI3 suffers from poor photochemical stability, which is the main problem to commercialize MAPbI3-based perovskite solar cells (PSCs). However, researchers frequently adopt additive engineering to overcome the issue of poor stability. Therefore, in this review, we have classified additives as organic and inorganic additives. Organic additives are subclassified based on functional groups associated with N/O/S donor atoms; whereas, inorganic additives are subcategorized as metals and non-metal halide salts. Further, we discussed their role and mechanism in terms of improving the performance and stability of MAPbI3-based PSCs. In addition, we scrutinized the additive influence on the morphology and optoelectronic properties to gain a deeper understanding of the crosslinking mechanism into the MAPbI3 framework. Our review aims to help the research community, by providing a glance of the advancement in additive engineering for the MAPbI3 light-absorbing layer, so that new additives can be designed and experimented with to overcome stability challenges. This, in turn, might pave the way for wide scale commercial use.