Perovskites are of high potential in the ongoing academic research, due to their distinctive electrical properties and crystalline structures. Halide perovskites show high light emissive properties and panchromatic light absorption across the visible spectrum. The exceptional electrical characteristics, such as their long carrier lifespan, high diffusion length, and charge carrier mobility, allow the electric charges to be transported and collected effectively. Furthermore, by tuning the cations and anions composition, perovskite’s opto-electrical properties can be altered. Moreover, dimension reduction affects their band gap and intrinsic features to induce higher structural stability but at the cost of the quantum confinement effect. Owing to their exceptional properties, halide perovskites are being researched in energy-related and semiconducting applications, hold high promise and the future looks bright. But challenges remain, and the larger question is what needs to be done to make them more stable.