Abstract Semi‐transparent perovskite solar cells (ST‐PSCs) have gained attention among the photovoltaics community due to their superior transparency and power conversion efficiency (PCE), making them suitable for building integrated photovoltaics (BIPV) applications. However, ST‐PSCs suffer from the challenge of balancing between efficiency and light transmittance. In order to overcome this challenge, several ongoing research focuses on perovskite band gap engineering, high performing semi‐transparent charge transport layers (CTLs), micro structured islands, and highly conductive transparent/semi‐transparent electrodes. This critical review provides a brief overview of recent developments in ST‐PSCs, including advancements in photo absorber layers, CTLs, and transparent conductive electrodes. Furthermore, a detailed roadmap is provided for the effective implementation of ST‐PSCs in BIPV sector.