Perovskite solar cells (PSCs) have emerged as a highly promising technology in the field of renewable energy due to their impressive efficiency, low fabrication costs, and ease of production compared to conventional silicon-based solar cells. Over the past decade, PSCs have seen extraordinary efficiency improvements, from 3.8% in 2009 to over 25% today, positioning them as a strong contender for next-generation solar energy technologies. However, their widespread commercialization faces significant challenges, primarily related to their stability under real-world conditions. Issues such as moisture sensitivity, thermal degradation, ion migration, and susceptibility to environmental factors like UV radiation and oxygen exposure hinder their long-term durability. To address these challenges, researchers have increasingly turned to nanotechnology, which has played a critical role in improving the performance and stability of PSCs. Nanomaterials, including metal oxides, graphene, carbon nanotubes, and plasmonic nanoparticles, have enhanced charge transport, light absorption, and defect passivation, thus boosting both efficiency and operational lifespan. Additionally, energy storage remains a significant barrier for PSCs due to the intermittent nature of solar power. Hybrid energy storage systems combining PSCs with batteries and supercapacitors have emerged as potential solutions, improving energy storage capacity and ensuring a continuous power supply. The future of PSCs lies in overcoming these barriers through advancements in material science, scalable manufacturing techniques, and novel hybrid systems. As these challenges are addressed, PSCs have the potential to revolutionize the solar industry and play a pivotal role in the global transition to sustainable and energy-efficient energy systems.