As a fundamental thermodynamic parameter, pressure serves as an effective tool to control the structures and properties of functional materials. To date, numerous pressure‐engineering methods have been introduced to enhance perovskite structures and devices. This paper comprehensively reviews the advances in understanding the effects of pressure on perovskite materials and devices, encompassing both low and high‐pressure influences. These effects are categorized into six distinct groups based on their underlying mechanisms, detailing the evolution of perovskite structures from macroscopic to microscopic levels, and exploring the interplay between these structures and their functional characteristics. Finally, the current challenges and offer insights into the future prospects for harnessing pressure effects to further develop perovskite structures, properties, and devices are assessed.