Today, energy generation from renewable energy sources is of great interest. Photovoltaic (PV) systems, in this regard, have much to offer, but they suffer from low efficiency, which further deteriorates due to overheating under insolation. So, they need removal of heat from their bodies for better efficiency, which resulted in the introduction of PV-Thermal (PVT) systems, which feature heat transfer fluids (HTF) to draw the heat and deliver it to other systems that make use of it. Nevertheless, the best HTF has yet to be developed. Water-based fluids with additives or nanoparticles seemed like a good choice until HTFs that featured the use of encapsulated phase change materials (ePCM) were proposed. The findings of early studies and subsequent research revealed that the use of ePCM slurries (ePCM-Ss) as the working fluid in PVT systems increased the thermal efficiency, electrical efficiency, and overall efficiency without a notable increase in pumping power. However, preparation of ePCM-Ss is much more complex in many aspects compared to conventional HTFs, as it involves numerous parameters, including but not limited to the use of various shell and core materials, the variety of production methods, the homogeneity of the resulting capsules, the use of additives, the core to shell ratio, and the mass fraction of ePCM in the slurry. All these require an extensive and exhaustive study with quite a lot of background knowledge and interdisciplinary collaboration, as the proper selection of PCM materials and synthesis methods, as well as the correct concentration in the best CF, involve several aspects and expertise in a number of other fields. These parameters also significantly diversify and differentiate ePCM-S by affecting its suspension stability, rheological properties, and thermal properties. In recent years, PCMs have become an attractive research field for researchers due to their advantages. Although there are quite a number of studies addressing ePCM-S, none provide a holistic approach, and they just deal with a certain aspect of this broad topic. This study, therefore, aims to constitute a fundamental guide to refer to from the very beginning to the final implementation of the ePCM-Ss as the working fluid in PVT systems by addressing all steps, aspects, and almost all effective parameters in terms of advantages, disadvantages, challenges, and opportunities.