The concept of in‐line sputtering and selenization become industrial standard for Cu–III–VI2 solar cell fabrication, but still it's very difficult to control and predict the optical and electrical parameters, which are closely related to the chemical composition distribution of the thin film. The present review article addresses onto the material design, device design and process design using parameters closely related to the chemical compositions. Its variation leads to change in the Poisson equation, current equation, and continuity equation governing the device design. To make the device design much realistic and meaningful, we need to build a model that relates the opto‐electrical properties to the chemical composition. The material parameters as well as device structural parameters are loaded into the process simulation to give a complete set of process control parameters. The neutral defect concentrations of non‐stoichiometric CuMSe2 (M = In and Ga) have been calculated under the specific atomic chemical potential conditions using this methodology. The optical and electrical properties have also been investigated for the development of a full‐function analytical solar cell simulator. The future prospects regarding the development of copper–indium–gallium–selenide thin film solar cells have also been discussed.