Abstract Efficient organic–inorganic metal halide perovskite absorbers have gained tremendous research interest in the past decade due to their super optoelectronic properties and defect tolerance. Lead (Pb) halide perovskites enable highly efficient perovskite solar cells (PSCs) with a record power conversion efficiency (PCE) of over 23%. However, the energy bandgaps of Pb halide perovskites are larger than the optimal bandgap for single junction solar cells, governed by the Shockley–Queisser (SQ) radiative limit. Mixed tin (Sn)‐Pb halide perovskites have drawn significant attention, since their bandgap can be tuned to below 1.2 eV, which opens a door for fabricating all‐perovskite tandem solar cells that can break the SQ radiative limit. This review summarizes the development of low‐bandgap mixed Sn‐Pb PSCs and their applications in all‐perovskite tandem solar cells. Its aim is to facilitate the development of new approaches to achieve high efficiency low‐bandgap single‐junction mixed Sn‐Pb PSCs and all‐perovskite tandem solar cells.