This review reports the most recent developments of thermoelectric (TE) system coupled with phase change material (PCM) and its promising integration options within various PCM deployment and structure design. These innovative TE coupled with PCM (TE-PCM) systems provide heat/cold energy with additional electric power which implies better harnessing of multiform energy. Fundamentals of TE-PCM system including thermoelectric effect are presented along with a basic mathematical formulation of the physical problem. The classification principles and configuration types of such systems are also summarized. The most representative studies related to the utilization of TE-PCM system in diversified application scenarios and their compatibility with other energy systems have been comprehensively reviewed and analyzed, including the component and structure optimization. In-depth analysis of the main technical and operational challenges in the future has been carried out, and the prospective development of more efficient TE-PCM system and its hybrid configurations are projected based on the current technological level.