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The perovskite photovoltaic field has developed rapidly within a decade. In particular, formamidinium (FA)‐rich perovskite allows a broad absorption spectrum, and is considered to be one of the most promising perovskite materials. Great progress has been achieved, and most recorded high‐efficient perovskite solar cells (PSCs) used the FA‐rich perovskite light absorption layer. However, the black α‐phase formamidinium lead iodide (FAPbI3) perovskite easily transforms into an undesirable δ‐phase at a low temperature. Thus, researchers have put a lot of effort into deeply understanding the phase transformation and stabilization mechanism of FA‐rich perovskite. Herein, the fundamental physical properties of FAPbI3 materials, including crystal structure, phase‐transition temperature, charge‐carrier dynamics, etc. are summarized, and establish a complete phase evolution with temperature by reviewing previous reports. The intrinsic and external factors are subsequently discussed for influencing the stability of FAPbI3 perovskite and the remarkable breakthroughs of FA‐rich PSCs in recent years are reviewed. Moreover, a series of strategies to stabilize FA‐rich perovskite is summarized, including but not limited to compositional engineering, passivating engineering, processing engineering, and strain engineering. Finally, several new viewpoints are provided for improving the efficiency and stability of PSCs. This review may be regarded as a reference project for preparing high‐efficient and stable perovskite photovoltaic devices. [ABSTRACT FROM AUTHOR]