Today Perovskite solar cell (PSC) has achieved efficiency close to 26%, surpassing the efficiencies of well- known Dye-Sensitized Solar cells (DSSC), CdTe-based solar cells, etc. Ease of preparing perovskite solutions and convenient deposition technique has given them added advantage over other contemporary competitors. This has also made them an economically feasible option. Since the inception of PSCs in 2009, a lot of improvements have been done in various aspects like composition, synthesis technique, fabrication method, and interface study. However, today it is crucial to think about the commercialization of PSCs. In this direction, the stability of PSCs has been a long-standing question. This review focuses on the key aspects of perovskite stability. Challenges posed by environmental factors like moisture, oxygen, temperature, and light are still unanswered. The lead toxicity of PSCs demands a potential substitute of lead with no compromise in their efficiency. The lead-free approach of PSCs and their commercialization has been discussed separately. A suitable emphasis has been given to the encapsulation of solar cells, as we find it a necessary part of the future commercialization process. This review has been addressed with an ideology to provide overall knowledge on the stability issues and challenges concerned with the PSCs, to attract young research community towards this emerging field.