Hybrid halide perovskite (HHP) emerged as an excellent material for upcoming photovoltaic technologies owing to its rapid performance growth just within a decade. Extensive research worldwide is going on HHP due to their unique optical properties, flexible thin‐film nature, and simple low‐cost solution‐based fabrication processes for solar cells. Albeit HHP solar cells exhibit adequate power conversion efficiency (PCE), poor stability impedes its commercial deployment. This review summarizes the major efforts made worldwide to improve the stability of HHP‐based solar cells from time to time. Methyl ammonium lead halide (MAPbI3) has been first used in HHP‐based perovskite solar cells (PSCs) but it is more vulnerable to heat and moisture. Further, formamidinium (FA+) and guanidinium (GA+) ion doping have been adopted as a compositional modification for better structural and environmental stability. The entire work has been categorized into three sub‐areas, i.e., MA,; FA, and GA‐based HHP solar cells and the comparison of various photovoltaic parameters of these cells has been presented. Furthermore, the challenges and prospects for PSC research and development toward commercialization have also been presented.