This paper enables a comprehensive look at the solar thermal (PVT) systems that integrate the power generation from solar cells and heat harvesting by thermal collectors. It definitely focuses on the development of PVT technology with special interest in the PVT-water and PVT-air, along with the hybrid systems. The above methods have been verified to raise the solar panels’ electrical efficiency by reducing the detrimental effects associated with high temperatures. These degrade electrical efficiency at a rate of 0.25 to 0.5% per 1 °C temperature increase of the solar panel. The systems optimize the heat transfer process in the water or air used as medium of cooling to enhance overall performance. The main theme of this review is several setups that exist for PVT systems and the variations on these setups concerning thermal and electrical efficiency. The most studied PVT applications are air systems, particularly air circulation methods of recovering heat for low-temperature applications like crop drying and space heating. On the other hand, water has a greater heat capacity than air and so the application of PVT-water systems holds greater thermal efficiency in regard to catching and using the excess heat produced for home or industrial purposes. Most promising are hybrid systems, which use water and air as cooling media simultaneously, taking advantage of both the benefit to attain higher overall efficiency. Other performance improvements that are achieved through alterations in collector designs, airflow control, and material selections, also encompassed in the review. This potential to significantly enhance energy output and reduce reliance on fossil fuels by using PVT systems can therefore improve the international renewable energy landscape. However, for this class of system to be more potently applied, further investigation needs to occur that would address issues such as increased installation costs and complex technical designs.