Hybrid photovoltaic/ thermal systems are very promising clean energy harvesting devices where they can be used either standalone system or can be incorporated with other systems. In this study, historical developments leading to current Hybrid Photovoltaic/Thermal (HPV/T) systems as it is used today and global findings to enhance the performance of HPV/T system through state-of-the-art analyses are presented in a thematic way. The findings from initial studies on the HPV/T systems is revealed in an historical way and rest of sections are formed based on selected criteria. The paper covers basic and advanced type collectors, working fluids, analyzing methods to assess performance, thermodynamic approaches, optimization of design parameters and mass flow rates, techniques to enhance performance and comparative studies. Especially, various parametric studies to optimize performance of the HPV/T with respect to selected parameters including different types of absorbers, packing factor, cooling schemes, working fluid types, modifications at different sections of the system are comprehensively investigated. Based on the conclusions, the variation in electrical and thermal efficiencies are mainly in the scope of this study. It is observed from the literature that solar HPV/T system has a great potential to be one of the up and coming clean energy technology.