As perovskite photovoltaics (PV) advance from the laboratory to commercial prototypes, their accurate and reliable performance testing is becoming increasingly important. The well‐documented dynamic response of perovskite solar cells to an external applied voltage has led to the development of steady‐state performance measurement methods; however, these methods have not been widely adopted by the perovskite PV community. A key reason for this is that steady‐state measurement methods take tens of minutes to complete, as opposed to conventional “fast” current–voltage (I–V) measurements usually lasting a few seconds. Fast I–Vs arise from a snapshot, almost always not a steady‐state condition of the device; however, given their widespread use, the question arises: how do performance parameters of perovskite PV compare when measured with fast I–V and with a steady‐state method? Results compiled from approximately 200 perovskite PV cells, including single junction, and two‐terminal perovskite–perovskite and perovskite–Si tandems, show that fast I–Vs can provide a useful measure of the open‐circuit voltage of the devices, while the short‐circuit current and the overall efficiency can be widely misestimated. The implications of these findings on performance testing protocols are discussed and possible options for fast and accurate testing of perovskite PV are proposed.