Ytterbium-doped lead halide perovskite (Yb3+:CsPbX3 with x =Cl or Cl/Br) nanocrystals and thin films have shown surprisingly efficient downconversion by quantum cutting with PLQYs up to 193%. After excitation of the perovskite host with high-energy photons, the excited states of two Yb ions are rapidly populated, subsequently emitting lower-energy photons. Several synthesis routes lead to highly efficient materials, and we review the progress on both the synthesis, material quality and applicability of these downconversion layers. For solar cells they could be used to increase the power converted from high-energy photons, and first applications have already shown an increase in the power conversion efficiency of silicon and CIGS solar cells. Applications such as luminescent solar concentrators an LEDs are also explored. With further research to overcome challenges regarding power saturation and stability, this material has great potential for a simple route to enhance solar cells.