Abstract: The Dye Sensitized Solar Cell (DSSCs) has emerged as attractive and promising solar cells in recent years. It offers technically and economically viable option to p-n junction solar cells. However, the efficiencies of DSSCs could not compete with those of silicon solar cells. Numerous researches have been done to enhance the efficiencies of these cells over the past decades. Efficiencies up to 15 % have been achieved by adopting new techniques in the research area. There are good prospects for further improvement in the photo conversion efficiencies and commercial applications of DSSCs through new parameters and methodology. In this review paper, the current state and recent developments in the field of photo electrode, photo sensitizer and electrolyte for dye sensitized solar cells have been reviewed. Also the perspectives for the future development of the technology have been discussed.