Energy and the environment are the two most crucial challenges of the 21st century on a worldwide scale. Perovskite-based compounds have generated considerable attention in this respect because of their affordability and chemical inertness. Perovskites with the chemical formula ABO3 and ABX3 have several attractive and intriguing features, and they are actively used in a variety of study domains. They have appealing mechanical and chemical features as a result of the several cationic substitutions at their A and B sites. To date, 149 cubic perovskites with A1+B2+ cationic pairings in the fluorides, chlorides, and bromides along with A1+B5+, A2+B4+, and A3+B3+ cationic configurations in the oxides have been investigated. This versatility makes them suitable for multifarious applications of energy storage, sensors, and photovoltaics. Herein, we report the history, structure, and types of perovskite nanomaterials. We also discuss various synthesis approaches for perovskite nanomaterials including co-precipitation, hydrothermal, solid-state, gas phase, sol-gel, Pechini, combustion, microwave, pulsed-laser deposition, and molecular-beam epitaxy. Further, we elucidate the crucial and technologically significant applications i.e. solid oxide fuel cells, photocatalysis, solar cells, sensors for humidity, explosive detection, and biosensing. Perovskites are also explored for their potential in environmental monitoring, flexible electronics, light-emitting diodes, and memory devices.