As a consequence of rising concern about the impact of fossil fuel-based energy on global warming and climate change, photovoltaic cell technology has advanced significantly in recent years as a sustainable source of energy. To date, photovoltaic cells have been split into four generations, with the first two generations accounting for the majority of the current market. First generation of thin-film technologies is based on monocrystalline or polycrystalline silicon and gallium arsenide cells and includes well-known medium- or low-cost technologies with moderate yields, whereas, second generation includes devices with lower efficiency and manufacturing costs. Third generation is based on novel materials and has a wide range of design options, as well as expensive but highly efficient cells. However, fourth generation, also known as “inorganics-in-organics,” combines the low cost and flexibility of polymer thin films with the durability of innovative inorganic nanostructures (metal nanoparticles or metal oxides) in organic-based nanomaterials (carbon nanotubes, graphene, and their derivatives). The aim of this chapter was to highlight the current state of photovoltaic cell technology in terms of manufacturing materials and efficiency by providing a comprehensive overview of the four generations as well as the relevance of graphene and its derivatives in solar cell applications.