AbstractThis Progress Report highlights recent developments in dye‐sensitized solar cells composed of both liquid electrolytes and solid‐state hole transport materials. The authors discuss and review the present understanding of and recent developments in the operational processes, such as charge generation, transport, recombination, and charge collection. Also, the merits and challenges of alternative device approaches are discussed, including extremely thin absorber cells, devices containing inorganic p‐type hole‐transporters and non‐TiO2 mesoporous metal‐oxide electrodes employed in dye‐sensitized solar cells.