Babcock–Leighton process, in which the poloidal field is generated through the decay and dispersal of tilted bipolar magnetic regions (BMRs), is observed to be the major process behind the generating poloidal field in the Sun. Based on this process, the Babcock–Leighton dynamo models have been a promising tool for explaining various aspects of solar and stellar magnetic cycles. In recent years, in the toroidal to poloidal part of this dynamo loop, various nonlinear mechanisms, namely the flux loss through the magnetic buoyancy in the formation of BMRs, latitude quenching, tilt quenching, and inflows around BMRs, have been identified. While these nonlinearities tend to produce a stable magnetic cycle, the irregular properties of BMR, mainly the scatter around Joy’s law tilt, make a considerable variation in the solar cycle, including grand minima and maxima. After reviewing recent developments in these topics, I end the presentation by discussing the recent progress in making the early prediction of the solar cycle.