Organic/inorganic lead halide perovskite solar cells (PSCs) have received global attention because of their excellent photovoltaic performance and ease of fabrication. PSC’s have reached over 24% power conversion efficiency demonstrating that the lead halide perovskites are the most promising class of materials for next-generation thin-film photovoltaics. The unprecedented increase in the device performance from 3.8% to 24% in less than 10 years is mostly due to compositional engineering of mixed cations, and anions, as well as improved processing protocols has made PSC the fastest development of a new material in the PV field. Though the efficiencies on Lab scale are staggering, the full potential of this burgeoning technology cannot be realized without addressing the following challenges: fighting the degradation of the material is the highest focus for the moment and has several fronts for improvements including within larger scale cells or modules. The other main challenge of the new class of material is the toxicity risks due to the presence of lead. The research community is actively working on the mitigation and reduction of the associated risks. The exceptional properties of this material combined alongside its inherent relative lower costs have already triggered the interests of industries and start-up worldwide while on a European regional level, EPKI for European Perovskite Initiative was formed gathering all the significant players in the field.