Perovskite solar cells (PSC) have drawn interest in recent years due to their progressively improving power conversion efficiency (PCE), lightweight and wearable properties, straightforward solution fabrication process, suitability for flight, potential for deployment in ultra-lightweight space applications, and low-cost material constituents, among other factors. The efficiency of perovskite solar cells has exceeded 25% by developing novel low-cost synthesis methods and advancements in interface and electrode materials, enhancing the production of high-quality perovskite films. Moreover, perovskite solar cells' stability has been the focus of several studies. This review primarily examines recent advances in perovskite solar cells concerning their properties, composition, and synthesis methods. The main focus is to study transition metal oxide (TMO)-based nanocomposites for various PSC layers, including electron transport layers (ETLs), hole transport layers (HTLs), and other layers. These TMO-based nanocomposites were employed in perovskite solar cells, considering their band gap, carrier mobility, transmittance, and other relevant factors. The prospects of different TMO (iron, titanium, copper, nickel, etc) -based perovskite solar cells and their potential for commercialization feasibility have also been examined. The history of perovskites in solar cells and the properties of PSCs are discussed. Strategies for large scale production of PSCs are the focus of this review. Advances in TMO-based nanocomposites for various PSCs materials (Hole transport layer, electron transport layer, etc) are discussed in detail. Lastly, the current problem in use of TMO-based nanocomposites for various PSCs materials is highlighted, and a future perspective is given to provide researchers with a pathway for further research.