Global environmental concerns and the escalating demand for energy, coupled with steady progress in renewable energy technologies, are opening up new opportunities for utilization of renewable energy resources. Solar energy is the most abundant, inexhaustible and clean of all the renewable energy resources till date. The power from sun intercepted by the earth is about 1.8×1011 MW, which is many times larger than the present rate of all the energy consumption. Photovoltaic technology is one of the finest ways to harness the solar power. This paper reviews the photovoltaic technology, its power generating capability, the different existing light absorbing materials used, its environmental aspect coupled with a variety of its applications. The different existing performance and reliability evaluation models, sizing and control, grid connection and distribution have also been discussed.