Halide perovskite nanocrystals (HP NCs) based perovskite solar cells (PSCs) have attracted serious attention along with relatively unstable bulk HP‐based thin‐film solar cells aiming to make more efficient and stable PSCs. HP NCs have still limited employment in PSCs despite their inherent unique properties such as strong absorption and photoluminescence, controlled transport and charge‐carrier mobility, low defect density, solution processability, and compatibility with large‐scale deposition techniques suitable for PSCs. Nanostructuring of the perovskites offers other unique characteristics such as confinement effects. These exciting characteristics together with the exceptional tunability in their shape, composition, and functionalities make HP NCs promising for PVs applications. In order to develop efficient HP NCs PSCs, major focus lies on discussing the various synthesis approaches, optoelectrical behaviors of HP NCs, and optimized device architectures. In this context, this review article deals with various approaches to HP NCs synthesis, properties, current challenges, and factors affecting the performance of the NC‐based PSCs. Based on these discussions, perspectives on promising directions for effective utilization of HP NCs toward the improvement and commercialization of the exciting promising material‐based stable and efficient PSCs in the near future are provided.