Organic–inorganic hybrid perovskite solar cells (PSCs) have attracted great attentions due to their rapid increase of power conversion efficiency (PCE). Although the highest PCE of PSCs (25.7%) has been achieved via using formamidinium lead iodide (FAPbI3) with a suitable bandgap, there is still a lack of systematic analysis on FAPbI3‐based PSCs toward high stability and high efficiency. Herein, the progress in FAPbI3 films and achievements in their high‐efficiency and long‐term stability PSCs are comprehensively reviewed. First, the progress from the aspects of morphology, defect, dimension, and strain for FAPbI3 film optimization is summarized and then the development of FAPbI3 PSCs in both efficiency and stability is discussed. Then, the methods to improve the FAPbI3 film quality by morphology control, defect passivation, dimensional regulation, and strain engineering, as well as strategies to optimize the device structure and interface layers, which are critical to promote device stability and efficiency, are evaluated. Finally, the outlook and strategies for realizing commercialized FAPbI3 PSCs with high efficiency and long lifetime are discussed.