Supply disruptions, uncertainty, and unprecedented price rises of fossil fuels due to the recent pandemic and war have highlighted the importance of using renewable sources to meet energy demands. Solar air collectors (SACs) are major types of solar energy systems that can be utilized for space and water heating, drying, and thermal energy storage. Although there is sufficient documentation on the thermal analyses of SACs, no comprehensive reviews of the exergetic performance or qualitative insight on heat conversion are available. The primary objective of this article is to provide a comprehensive review on the optimum conditions at which the thermal performance of diverse types of solar air collectors is optimized. The effect of operating parameters such as temperature rise, flow rate, geometric parameters, solar radiation, and the Reynolds number on the thermal performance of SACs in terms of thermal hydraulic performance, energy, and exergy efficiencies has been reviewed adaptively. Beyond the operating parameters, a deep investigation is outlined to monitor fluid dynamics using analytical and computational fluid dynamics (CFDs) methodologies in the technology of SACs. In the third phase, thermodynamic irreversibility due to optical losses, thermal losses between absorber and environment, heat losses due to insulation, edge losses, and entropy generation are reported and discussed, which serve as the fundamental tools for optimization purposes.