Organic⁻inorganic hybrid perovskite solar cells (PSCs) have made immense progress in recent years, owing to outstanding optoelectronic properties of perovskite materials, such as high extinction coefficient, carrier mobility, and low exciton binding energy. Since the first appearance in 2009, the efficiency of PSCs has reached 23.3%. This has made them the most promising rival to silicon-based solar cells. However, there are still several issues to resolve to promote PSCs’ outdoor applications. In this review, three crucial aspects of PSCs, including high efficiency, environmental stability, and low-cost of PSCs, are described in detail. Recent in-depth studies on different aspects are also discussed for better understanding of these issues and possible solutions.