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Bifacial perovskite solar cells (PSCs) have accentuated a great deal of attention to achieve a higher power output per unit area by utilizing albedo compared to conventional monofacial solar cells with a very low additional manufacturing cost. However, the design of the bifacial PSCs is very much challenging due to high rear side carrier recombination, ion migration, and electrode corrosion as well as electrical loss in transparent rear contact. In this paper, we have reviewed bifacial PSCs to explore and analyze their latest advancement. The bifacial device’s performance varies with respect to the albedo from where the diffuse light gets reflected to the rear side which has also been discussed thoroughly. For the best performance of bifacial solar cells, the back contact electrode, transport layer, and perovskite layer of the device need to be transparent, for which various ways to make components semi-transparent have been discussed and explored. The transparent charge carrier layer helps in reducing the parasitic recombination, which directly affects the bifacial photoconversion efficiency. This extensive review of bifacial PSCs is presented here which will guide perovskite research for feasible commercial realization.