Silicon solar cells are currently the most widely used type, accounting for more than 90% of the commercial market. However, the spectral mismatch between the solar spectrum and the absorption spectra of the cells is the main cause restricting their conversion efficiency, which can not exceed the Shockley‐Queisser limit. Quantum cutting can convert one high‐energy photon into two or more low‐energy photons and reduce the energy loss of the high‐energy photons, providing a way to improve the photoelectric conversion efficiency (PCE) of silicon solar cells. The unique electronic configuration of rare‐earth elements gives them excellent optical properties and makes them good candidates for the luminescent centers of quantum cutting materials. This paper reviews their luminescence mechanism, energy transfer (ET) mechanism, and application in silicon solar cells and outlines the potential problems of broadband‐sensitized NIR quantum cutting materials. Some key issues and future directions are also discussed.This article is protected by copyright. All rights reserved.