Solar energy is regarded as the finest clean and green energy generation method to replace fossil fuel-based energy and repair environmental harm. The more expensive manufacturing processes and procedures required to extract the silicon utilized in silicon solar cells may limit their production and general use. To overcome the barriers of silicon, a new energy-harvesting solar cell called perovskite has been gaining widespread attention around the world. The perovskites are scalable, flexible, cost-efficient, environmentally benign, and easy to fabricate. Through this review, readers may obtain an idea about the different generations of solar cells and their comparative advantages and disadvantages, working mechanisms, energy alignment of the various materials, and stability achieved by applying variable temperature, passivation, and deposition methods. Furthermore, it also provides information on novel materials such as carbonaceous, polymeric, and nanomaterials that have been employed in perovskite solar in terms of the different ratios of doping and composite and their optical, electrical, plasmonic, morphological, and crystallinity properties in terms of comparative solar parameters. In addition, information on current trends and future commercialization possibilities of perovskite solar have been briefly discussed based on reported data by other researchers.