Solar energy conversion to electricity through photovoltaics or to useful fuel through photoelectrochemical cells was still a main task for research groups and developments sectors. In this article we are reviewing the development of the different generations of solar cells. The fabrication of solar cells has passed through a large number of improvement steps considering the technological and economic aspects. The first generation solar cells were based on Si wafers, mainly single crystals. Permanent researches on cost reduction and improved solar cell efficiency have led to the marketing of solar modules having 12–16% solar conversion efficiency. Application of polycrystalline Si and other forms of Si have reduced the cost but on the expense of the solar conversion efficiency. The second generation solar cells were based on thin film technology. Thin films of amorphous Si, CIS (copper–indium–selenide) and t-Si were employed. Solar conversion efficiencies of about 12% have been achieved with a remarkable cost reduction. The third generation solar cells are based on nano-crystals and nano-porous materials. An advanced photovoltaic cell, originally developed for satellites with solar conversion efficiency of 37.3%, based on concentration of the solar spectrum up to 400 suns was developed. It is based on extremely thin concentration cells. New sensitizer or semiconductor systems are necessary to broaden the photo-response in solar spectrum. Hybrids of solar and conventional devices may provide an interim benefit in seeking economically valuable devices. New quantum dot solar cells based on CdSe–TiO2 architecture have been developed.