The high‐temperature solid oxide fuel cells (SOFCs) are the most efficient and green conversion technology for electricity generation from hydrogen‐based fuel as compared to conventional thermal power plants. Many efforts have been made to reduce the high operating temperature (>800 °C) to intermediate/low operating temperature (400 °C<T<800 °C) in SOFCs in order to extend their life span, thermal compatibility, cost‐effectiveness, and ease of fabrication. However, the major challenges in developing cathode materials for low/intermediate temperature SOFCs include structural stability, catalytic activity for oxygen adsorption and reduction, and tolerance against contaminants such as chromium, boron, and sulfur. This research aims to provide an updated review of the perovskite‐based state‐of‐the‐art cathode materials LaSrMnO3 (LSM) and LaSrCOFeO3 (LSCF), as well as the recent trending Ruddlesden‐Popper phase (RP) and double perovskite‐structured materials SOFCs technology. Our review highlights various strategies such as surface modification, codoping, infiltration/impregnation, and composites with fluorite phases to address the challenges related to LSM/LSCF‐based electrode materials and improve their electrocatalytic activity. Moreover, this study also offers insight into the electrochemical performance of the double perovskite oxides and Ruddlesden‐Popper phase materials as cathodes for SOFCs.