The target of the current study was to review and analyze the research activities of previous studies on cooling techniques for thermal photovoltaic (PV) systems using phase-change materials. These materials have the ability to absorb and release certain amounts of potential heat energy by changing their state from phase to phase (solid–liquid) within a small temperature range. These materials have been used to regulate and lower the temperature, increase the efficiency, and extend the life of solar cells. A host of improvements have been made to phase-changing materials through the combined utilization of phase-change materials and fins in addition to nanoscale fluids to enhance electrical efficiency. When using PCMs, the thermal, electrical, and overall efficiency improved by 26.87%, 17.33%, and 40.59%, respectively. The addition of nanomaterials increased phase-change materials’ specific heat capacity and thermal conductivity, thus reducing the plate temperature and increasing the electrical efficiency. It was found that using of nanoparticles together with a microcapsule had better performance in terms of energy efficiency. Studies indicated that variable phase materials were not used because of their high cost and lack of stable operational design. Therefore, the effect of phase-change materials on PV/thermal (PVT) system performance needs further investigation and study.