Spiro-OMeTAD is widely used as thehole-transporting material (HTM) in perovskite solar cells (PSC), which extracts positive charges and protects the perovskite materials from metal electrode, setting a new world-record efficiency of more than 20 %. Spiro-OMeTAD layer engross moisture leading to the degradation of perovskite, and therefore, has poor air stability. It is also expensive therefore limiting scale-up, so macrocyclic metal complex derivatives (MMDs) could be a suitable replacement. Our review covers low-cost, high yield hydrophobic materials with minimal steps required for synthesis of efficient HTMs for planar/mesostructured PSCs. The MMDs based devices demonstrated PCEs around 19 % and showed stability for a longer duration, indicating that MMDs are a promising alternative to spiro-OMeTAD and also easy to scale-up via solution approach. Additionally, this review describes how optical and electrical properties of MMDs change with chemical structure, allowing for the design of novel holemobility materials to achieve negligible hysteresis and act as effective functional barriers against moisture which results in a significant increase in the stability of the device. We provide an overview of the apt green-synthesis, characterization, stability and implementation of the various classes of macrocyclic metal complex derivatives as HTM for photovoltaic applications.