Hybrid photovoltaic–regenerative hydrogen fuel cell (PV-RHFC) microgrid systems are considered to have a high future potential in the effort to increase the renewable energy share in the form of solar PV technology with hydrogen generation, storage, and reutilization. The current study provides a comprehensive review of the recent research progress of hybrid PV-RHFC microgrid systems to extract conclusions on their characteristics and future prospects. The different components that can be integrated (PV modules, electrolyzer and fuel cell stacks, energy storage units, power electronics, and controllers) are analyzed in terms of available technology options. The main modeling and optimization methods, and control strategies are discussed. Additionally, various application options are provided, which differentiate in terms of scale, purpose, and further integration with other power generating and energy storage technologies. Finally, critical analysis and discussion of hybrid PV-RHFC microgrid systems were conducted based on their current status. Overall, the commercialization of hybrid PV-RHFC microgrid systems requires a significant drop in the RHFC subsystem capital cost. In addition, it will be necessary to produce complete hybrid PV-RHFC microgrid systems with integrated energy management control capabilities to avoid operational issues and ensure flexibility and reliability of the energy flow in relation to supply, storage, and demand.