Perovskite materials have triggered a renewed interest in photovoltaic research in the recent years. They display crystal forms with 0D, 1D and 2D, 3D motifs, and several chemical forms, namely inorganic (titanates, rubidiates, nobiates, tantalates etc.), organic/inorganic metal halides with single to multiple cations, and even organic polymer or quantum dot‐infused hybrids. Each crystal type and chemical form are endowed with specific physicochemical, optical, electronic, and morphological properties. These unique properties render them suitable for targeted applications, namely photovoltaics, LEDs, photocatalysis/electrolysis/solar fuels/solar and Li‐ion batteries, gas‐sensors, ferroelectrics, capacitors, transistors and memristors, photodetectors, and lasers, for advanced quantum cryptography and outer space applications. At first, the crystal and material types, and physicochemical, morphological, and optoelectronic properties of perovskite materials are discussed. Particularly, we focus on those properties which cumulatively contribute to their application in the abovementioned fields. Simultaneously, a comprehensive discussion about the advances in each field is presented. Structure/property/application relationships with key advances demonstrate the versatility of perovskites in modern optoelectronic technologies.