Metal halide perovskites are emerging as a new class of photoactive materials for next‐generation optoelectronics in recent years due to their unique optical and electronic properties. Regardless of significant progress on high‐performance perovskite‐based devices, it is of paramount importance to unveiling the interface energetics, which are crucial for the photon‐harvesting process and energy loss in the layered device configuration. In addition, the stability issue of perovskite materials and related devices has severely hindered their practical application. Herein, the recent advances in the interrelation between perovskite composition, electronic structure, and stability are reviewed. The interface energetics and band alignment with adjacent transport layers, as well as deterioration mechanisms, are addressed in terms of internal composition and external environmental factors. The strategies to improve the device efficiency and durability with interface modification are also discussed. The comprehensive microscopic understandings and precise control of electronic structures and degradation pathways exhibit great potential toward higher‐performance perovskite‐based optoelectronic devices.