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Abstract Field‐effect transistors (FETs) are key elements in modern electronics and hence are attracting immense scientific and commercial attention. The recent emergence of metal halide perovskite materials and their tremendous success in the field of photovoltaics have triggered the exploration of their application in other (opto)electronic devices, including FETs and phototransistors. In this review, the current status of the field is discussed, the challenges are highlighted, and an outlook for the future perspectives of perovskite FETs is provided. First, attention is drawn to the device physics and the fundamental processes that influence these devices, including the role of ion migration and defects, effects of temperature, light, and measurement conditions. Next, the performance of perovskite transistors and phototransistors reported to date are surveyed and critically assessed. Finally, the key challenges that impede perovskite transistor progress are outlined and discussed. The insights gained from the study of other perovskite optoelectronic devices may be adopted to address these challenges and advance this exciting field of research closer to the industrial application are examined.