As rapid progress has been achieved in emerging thin film solar cell technology, organic–inorganic hybrid perovskite solar cells (PVSCs) have aroused many concerns with several desired properties for photovoltaic applications, including large absorption coefficients, excellent carrier mobility, long charge carrier diffusion lengths, low‐cost, and unbelievable progress. Power conversion efficiencies increased from 3.8% in 2009 up to the current world record of 22.1%. However, poor long‐term stability of PVSCs limits the future commercial application. Here, the degradation mechanisms for unstable perovskite materials and their corresponding solar cells are discussed. The strategies for enhancing the stability of perovskite materials and PVSCs are also summarized. This review is expected to provide helpful insights for further enhancing the stability of perovskite materials and PVSCs in this exciting field.