We present the investigation of HTL‐free mesoporous carbon perovskite (m‐CPSM) solar cells by analyzing J‐V curves under different scan rates, light intensities, and temperatures. A distinctive bump in the curves was identified, previously reported in the literature. The voltage at the inflection point of this transition showed a linear correlation with the scan rate, directly yielding a characteristic relaxation time. Increasing temperature demonstrated a reduction in the magnitude and characteristic time of the bump. It also indicated an activation energy of 0.8eV, suggesting a diffusion mechanism. Importantly, the intensity of the illumination had no influence on the overall behavior, indicating that the phenomenon is unrelated to the photovoltaic processes. We propose that the bump originates from a transition between a metastable state at high scan rates and a stable one reached after a relaxation. To accurately replicate the measured J‐V curves, a novel lumped circuit model was introduced and validated. A schematic microstructural model depicts the reversible reduction in photocurrent as a decline in charge transfer capacity caused by the diffusion of large ions at the mesoporous TiO2 from the perovskite interface. Ultimately, this study also suggests a plausible reason for the well‐known hysteresis commonly observed with perovskite solar cells.This article is protected by copyright. All rights reserved.