Renewable energy (RE) resources have enormous potential and can meet the present world energy demand by using the locally available RE resources. One of the most promising RE technologies is photovoltaic (PV) technology. This paper presents a review of the available literature covering the various types of up and coming PV modules based on generation of solar cell and their applications in terms of electrical as well thermal outputs. The review covers detailed description and thermal model of PV and hybrid photovoltaic thermal (HPVT) systems, using water and air as the working fluid. Numerical model analysis and qualitative evaluation of thermal and electrical output in terms of an overall thermal energy and exergy has been carried out. Based on the thorough review, it is clear that PVT modules are very promising devices and there exists a lot of scope to further improve their performances particularly if integrated to roof top. Appropriate recommendations are made which will aid PVT systems to improve their overall thermal and electrical efficiency and reducing their cost, making them more competitive in the present market.