Owing to promising optical and electrical properties and better thermal and aqueous stability, chalcogenide perovskites have shown a wide range of applications. Chalcogenides belong to the 16th group of periodic tables and could be potential materials for the fabrication of efficient and stable (chalcogenide perovskite) solar cells. Generally, metal halide perovskites are used for the fabrication of solar cells. However, they have some grave problems like less stability and toxicity. In this context, chalcogenide perovskites (AB (S, Se)3) may be a better option due to their potential to solve the existing problems and hence could be deployed in the fabrication of high-performance solar cells. These chalcogenide perovskites have high stability (thermal and aqueous), along with their environment-friendly elemental composition. In this review, we present various techniques used for the synthesis of chalcogenide perovskites and their applications in the fabrication of solar cells. Furthermore, we have also studied the scope for the commercial development of chalcogenide perovskite–based solar cell.