Metal halide perovskites have been under intense investigation over the last decade due to the remarkable rise in their performance in optoelectronic devices such as solar cells or light-emitting diodes. Despite tremendous progress in this field, many fundamental aspects of the photophysics of perovskite materials remain unknown, such as a detailed understanding of their defect physics and charge recombination mechanisms. These are typically studied by measuring the photoluminescence—i.e., the emission of light upon photoexcitation—of the material in both the steady-state and transient regimes. While such measurements are ubiquitous in literature, they do not capture the full range of the photophysical processes that occur in metal halide perovskites and thus represent only a partial picture of their charge carrier dynamics. Moreover, while several theories are commonly applied to interpret these results, their validity and limitations have not been explored, raising concerns regarding the insights they offer.