The small perturbation frequency‐resolved techniques have been powerful tools in unraveling the kinetic processes governing the operation of perovskite solar cells (PSCs). One such technique is electrochemical impedance spectroscopy (EIS). However, a thorough interpretation of the EIS response of PSCs is still lacking owing to the absence of a uniform electrical equivalent circuit. In this context, intensity‐modulated photocurrent/photovoltage spectroscopy (IMPS/IMVS) can be the link between the optical and electrical responses of PSCs and complement the IS technique. In this review, the progress made in interpreting the IMPS/IMVS response of various types of PSCs is summarized and diverse prospects are discussed. First, the basic theory and models present in the literature are discussed. Next, the IMPS/IMVS response of mesoporous and planar PSCs based on various physical parameters is discussed. At last, proposed future prospects for the development of this field are discussed.