The electrochemical water splitting by using renewable electricity is being considered as a sustainable, clean and considerable source of hydrogen fuel for future transportation and energy applications. The sluggish kinetics at anode and cathode, thus, require plenty of research work on the development of an efficient and stable electrocatalyst, which would provide the enhanced activity of water splitting reaction as well as stability for long-term operation. This review draws a detailed sketch of the progress in the pursuit of replacing noble metals with non-precious perovskite-based substitutes without compromising the key electrocatalyst characteristics. Herein, we critically analysed the latest research work and progress of perovskite oxides for anodic/oxygen reduction reaction/cathodic, including the mechanism behind perovskite oxide catalytic reactions, controlled composition as well as the role of various design strategies to achieve high catalytic performance. Moreover, the article also provides an insight to the associated density functional theory that can provide profound understanding of mechanism, involved behind these reactions and, the need for computational studies to exploit the active area of catalysts. It is believed that this article will assist researchers to explore key area of research in the current generation perovskites that show enhanced catalytic performance as well as to work on unforeseen challenges.