Dye-sensitized solar cells have been under development for the last three decades but are yet to see the market. This has been attributed to stability issues of the electrolyte in the cell. Electrolytes can be liquid, quasi-solid, or solid. Liquid electrolytes were the first to be developed and, therefore, have been subject to radical revisions in both composition and applicability. They have shown the best power conversion efficiencies but have poor thermal stability. Although quasi-solid and solid-state electrolytes were developed to overcome these stability issues, they too have their limits. The aim of this paper is to explore the development of liquid electrolytes, outlining the current state of the technology and considering their potential in the photovoltaic market.