Abstract: Band-gap semitransparent perovskite solar cells have excellent photoelectric performance and optical transmittance, which makes them have unique application advantages in photovoltaic building integration, laminated devices, wearable electronic devices and other fields. However, due to the band gap absorption loss of the photosensitive layer, the interface reflection of the functional layer, and the mismatch of the electrode refractive index, the absorption and conversion of photons in the device are limited, resulting in optical energy loss and reduced light utilization. In order to improve the performance of semitransparent perovskite solar cells, it is necessary to deeply study the photophysical characteristics and photon transmission path to improve the Photoelectric conversion efficiency. In this paper, the relevant mechanisms and regulatory strategies of photophysical properties of semitransparent perovskite solar cells are systematically summarized. Firstly, the propagation path of photon is analyzed theoretically. Then, the light management strategy around reducing optical loss is discussed. Finally, the current application challenges and future research directions of translucent perovskite solar cells are prospected.