Several studies have concentrated on cooling the PV module temperature (TPV) to enhance the system’s electrical output power and efficiency in recent years. In this review study, PCM-based cooling techniques are reviewed majorly classified into three techniques: (i) incorporating raw/pure PCM behind the PV module is one of the most straightforward techniques; (ii) thermal additives such as inter-fin, nano-compound, expanded graphite (EG), and others are infused in PCM to enhance the heat transfer rate between PV module and PCM; and (iii) thermal collectors that are placed behind the PV module or inside the PCM container to minimize the PCM usage. Advantageously, these techniques favor reusing the waste heat from the PV module. Further, in this study, PCM thermophysical properties are straightforwardly discussed. It is found that the PCM melting temperature (Tmelt) and thermal conductivity (KPCM) become the major concerns in cooling the PV module. Based on the literature review, experimentally proven PV-PCM temperatures are analyzed over a year for UAE and Islamabad locations using typical meteorological year (TMY) data from the National Renewable Energy Laboratory (NREL) data source in 1 h frequency.