Energy conversion is a pivotal process with widespread applications, spanning renewable energy systems, electric vehicles, and industrial power grids. Selecting the right energy conversion topology is critical for optimizing system performance, efficiency, and reliability. This comprehensive review paper provides a thorough overview of energy conversion topologies used in photovoltaic (PV) panel systems, as well as their applicability in diverse domains. Furthermore, the paper conducts a detailed analysis of commonly employed energy conversion topologies. Each topology is meticulously examined based on its operating principles, advantages, drawbacks, and typical use cases. This comprehensive review serves as an invaluable resource for researchers, engineers, and practitioners engaged in the dynamic field of energy conversion, offering insights into both wind energy and photovoltaic panel systems.