Recently, a new field in photovoltaics (PV) has emerged, focusing on solar cells that are entirely based on metal oxide semiconductors. The all-oxide PV approach is very attractive due to the chemical stability, nontoxicity, and abundance of many metal oxides that potentially allow manufacturing under ambient conditions. Already today, metal oxides (MOs) are widely used as components in PV cells such as transparent conducting front electrodes or electron-transport layers, while only very few MOs have been used as light absorbers. In this Perspective, we review recent developments of all-oxide PV systems, which until today were mostly based on Cu2O as an absorber. Furthermore, ferroelectric BiFeO3-based PV systems are discussed, which have recently attracted considerable attention. The performance of all-oxide PV cells is discussed in terms of general PV principles, and directions for progress are proposed, pointing toward the development of novel metal oxide semiconductors using combinatorial methods.