Perovskite photovoltaic devices are undergoing rapid development and have reached a certified power conversion efficiency of 26.1% at the cell level. Tremendous efforts in material and device engineering have also increased moisture, heat, and light‐related stability. Moreover, the solution‐process nature makes the fabrication process of perovskite photovoltaic devices feasible and compatible with some mature high‐volume manufacturing techniques. All these features render perovskite solar modules suitable for terawatt‐scale energy production with a low levelized cost of electricity. In this review, we first introduce the current status of perovskite solar cells and modules and their potential applications. Then we identify critical challenges in their commercialization and propose the corresponding solutions, including developing strategies to realize high‐quality films over a large area to further improve power conversion efficiency and stability to meet the commercial demands. Finally, we put forward some potential development directions and issues requiring attention in the future, mainly focusing on further dealing with toxicity and recycling of the whole device, and the attainment of highly efficient perovskite‐based tandem modules, which could reduce the environmental impact and accelerate the LCOE reduction.This article is protected by copyright. All rights reserved