Organic–inorganic lead halide perovskite materials exhibit rare functions as narrow bandgap semiconductors for photovoltaic applications. Perovskite-based photovoltaic devices have undergone rapid progress in solar energy conversion performance, surpassing the top efficiency of compound semiconductor solar cells such as CdTe and CIGS within a decade. As ionic crystals, halide perovskites are prepared in thin semiconductor films by simple solution processes which enable the perovskite solar cell to become a low-cost and high-efficiency alternative to the current commercially available solar cells. This overview describes the backgrounds of the discovery of perovskite photovoltaics, working principle of the device, recent research progress, and prospects of perovskite-based photovoltaics, including current major focus of research to improve chemical and physical stability of high-efficiency devices. Challenges of compositional engineering of the hybrid perovskite structure are discussed including the potential of all-inorganic and lead-free perovskite materials.