This communication presents a comprehensive review on the solar photovoltaic (SPV) systems for recent advances and their emerging applications in the present and future scenario. Besides, the performance study of off grid and grid connected SPV power plant has been discussed and presented in detail. From the literature, it is found that the efficiency of photovoltaic (PV) systems varies from 10% to 23%. Thus, the efficiency is the important factor which needs to be explored further for the best implementation and utilization of this emerging and useful technology around the globe. However, among all the applications discussed here, Building integrated photovoltaics (BIPV), Concentrated photovoltaics (CPV) and photovoltaic thermal (PV/T) are found to be the most technically sound and exhibit that SPV may be a feasible solution for the future energy challenges. Again, the building integrated PV system not only reduces the area requirement, but also cuts the material and infrastructure costs of the building and hence, fulfills the technical thrust for smart building requirements. Recently developed CPV cells are found to be feasible, most promising and cost effective technology having higher efficiency and lesser material requirements than those of the other solar cells. On the other hand, as the PV/T systems produce not only the electricity but also the heat energy are found to be more useful, suitable, and promising for most of the real life applications especially, where both forms of energy are required simultaneously.