The ever-growing demand for energy utilization has enforced numerous technological advancements as solutions to the near-future energy challenges. The research and development of photovoltaic devices have caught significant attention to meet the global energy necessities. The photovoltaic device converts solar energy into electrical power by using suitable semiconductors that follow the photovoltaic effect. Photovoltaic technology has already been established into a billion-dollar industry with promising near-future applications. Such remarkable developments need proper materialistic assessments to overcome difficulties in production efficiency. Photovoltaic technologies are mainly categorized into four generations. The first-generation photovoltaics are mainly based on cost-effective silicon wafers that come with lower efficiency and currently cover the majority of photovoltaics production. Instead of silicon wafers, the devices that utilize cheap semiconductor thin films deposited on low-cost substrates come under second-generation photovoltaics. Such devices mainly focus on less use of material by maintaining higher efficiency. Unlike the first- and second-generation devices, third-generation photovoltaics is aggressively studied to develop modern technologies by pushing the earlier limits. The third generation aims to utilize low-cost and flexible materials (by combining polymer thin films with graphene, CNTs, and metal nanoparticles) to produce highly efficient photovoltaic action. The growth of nanotechnology is also continuously encouraging and providing a newer perspective for photovoltaics developments. The current chapter discusses the materialistic developments and performance of the traditional photovoltaic cells and outlines recent developments in nanotech-related photovoltaic devices. It also summarizes the developments of nanotech solar cells based on quantum dots, nanotubes, thin films, and materials that are gathering much attention in the near future. This chapter provides an overview related to photovoltaic technologies and encourages the exploration of newer technological ideas for further development.