All-inorganic and organic-inorganic hybrid perovskite solar cells (PSCs) have taken a quantum leap owing to their high performance and low-cost solution processability. Their efficiency has been dramatically increased up to ∼26%, matching the conventional inorganic photovoltaics like monocrystalline Si (26.1%), polycrystalline Si (21.6%), CdTe (22.1%), and CIGS (22.3%). Such outstanding performance has been achieved due to their excellent optoelectronic properties, such as a direct bandgap in the visible region, a very high absorption coefficient, a long charge-carrier diffusion length, and ambipolar carrier transport characteristics. FAPbI3 (FA = formamidinium) and CsPbI3 perovskites among the pool of perovskites are recommended for solar cell applications because they meet all the requirements for photovoltaic applications. However, the fundamental problem of these perovskites is that their photoactive black phase is highly unstable under ambient conditions due to small and large sizes of Cs+ and FA+ ions, respectively. The instability of the black phase of these perovskites hinders their applications in photovoltaic devices as a high-quality light absorber layer. Several approaches have been employed to prevent the formation of the photo-inactive yellow phase or to enhance the stability of the black phase of perovskites, such as dimensional and compositional engineering, the addition of external additives, and dimensional engineering. This perspective summarizes the various methods for stabilizing the black phase of CsPbI3 and FAPbI3 perovskites at room temperature as well as their application in photovoltaic devices.