With the growing demand for photovoltaic (PV) systems as a source of energy generation that produces no greenhouse gas emissions, effective strategies are needed to address the inherent inefficiencies of PV systems. These systems typically absorb only approximately 15% of solar energy and experience performance degradation due to temperature increases during operation. To address these issues, PV–thermal (PVT) technology, which combines PV with a thermal absorber to dissipate excess heat and convert it into additional thermal energy, is being rapidly developed. This review presents an overview of various PVT technologies designed to prevent overheating in operational systems and to enhance heat transfer from the solar cells to the absorber. The methods explored include innovative absorber designs that focus on increasing the heat transfer contact surface, using mini/microchannels for improved heat transfer contiguity, and substituting traditional metal materials with polymers to reduce construction costs while utilizing polymer flexibility. The review also discusses incorporating phase change materials for latent heat absorption and using nanofluids as coolant mediums, which offer higher thermal conductivity than pure water. This review highlights significant observations and challenges associated with absorber design, mini/microchannels, polymer materials, phase change materials, and nanofluids in terms of PV waste heat dissipation. It includes a summary of relevant numerical and experimental studies to facilitate comparisons of each development approach.