Dimensionality is the game-changer property of a material. The optical and electronic properties of a compound get dramatically influenced by confining dimensions from 3D to 2D. The bulk 3D perovskite materials have shown remarkable up-gradation in the power conversion efficiency, hence grabbing worldwide attention. But instability against moisture, temperature, and ion migration are the factors constantly back-stabbing and hindering from full-scale commercialization. 2D perovskite material has emerged as an excellent bridging entity between structural-chemical stability, and viable commercialization. Organic–inorganic 2D perovskite materials come with a layered structure in which a large organic cation layer as a spacer is sandwiched between two inorganic metal halide octahedra layers. Moreover, hydrophobic spacer cations are employed which isolate inorganic octahedral layers from water molecules. Hydrophobic spacer cations protect the authentic structure from being degraded. These layered structures occur in two phases namely the Ruddlesden–Popper phase and Dion–Jacobson phase, depending on the spacer cation types. Alternating inorganic and organic layers form multiple quantum wells naturally, along with spin–orbit-coupling gives Rashba splitting. 2D perovskite materials are coming up with interesting chemical, physical properties like exciton dynamics, charge carrier transport, and electron–phonon coupling as a result of the quantum confinement effect. Despite appreciable stability, limited charge transport and large bandgap are limiting the application of 2D perovskite materials in solar cells. These limitations can be overcome by using the concept of 2D/3D multidimensional hybrid perovskites, which includes the long-term stability of 2D perovskite and the high performance of 3D perovskite at the same time. Here in this perspective, we have given brief insight on structural versatility, synthesis techniques, some of the unique photophysical properties, potential device fabrication, and recent advancements in the 2D structure to stand against degradation. Certain shortcomings and future outlooks are also discussed to make the perspective more informative.