Light-emitting solar cells (LESCs) have tremendous potential in the nextgeneration optoelectronics industry due to their excellent photophysical properties and general configurational advantages. The important feature of these LESC devices is that it can reversibly transduce optical energy to electrical energy and vice versa in a single platform. Consequently, they have significant potential in the development of solar light-emitting diode (LED) street lights in rural, semiurban, and urban areas. However, their commercial development has been limited so far due to the complex device geometry, unfavorable alignment of energy levels, poor quality of transport layers, incomplete coverage of the solar spectrum, and more notably, intrinsic instability of perovskites. Herein, the recent developments in the field are discussed, followed by a critical analysis of major challenges and possible solutions to overcome these challenges. Finally, a roadmap for the successful development of efficient and stable dual-functioning perovskite-based LESCs is provided, which can be useful for the energy industry.