Despite high‐efficiency and low production cost, material toxicity of lead‐containing metal halide perovskite solar cells (PSCs) has been considered a major challenge towards its practical commercialization and widespread applications. With forefront efforts to develop alternative Pb‐free compositions, there have been increasing research efforts in recent years to mitigate the toxicity of Pb in PSCs. Herein, we review the key technologies for mitigating the toxicity of Pb in PSCs. First, we reviewed the status of Pb‐free PSC research, followed by an exploration of strategies for immobilizing and recycling Pb in Pb‐based PSCs. Finally, the perspectives for future development are discussed. Realistically, the complete elimination of Pb from commercially competitive PSCs might require a considerable amount of time and resources. Thus, strategies for risk management of available Pb‐based PSCs are essential for commercialization of sustainable and environmentally viable PSCs.