In this paper, a thorough review of the available literature on photovoltaic/thermal (PV/T) systems is presented. The review is performed in a thematic way in order to allow an easier comparison, discussion and evaluation of the findings obtained by researchers, especially on parameters affecting the electrical and thermal performance of PV/T systems. The review covers a comprehensive historic overview of PV/T technology, detailed description of conventional flat-plate and concentrating PV/T systems, analysis of PV/T systems using water or air as the working fluid, analytical and numerical models, simulation and experimental studies, thermodynamic assessment of PV and PV/T systems and qualitative evaluation of thermal and electrical outputs. Furthermore, parameters affecting the performance of PV/T systems such as glazed versus unglazed PV/T collectors, optimum mass flow rate, packing factor, configuration design types and absorber plate parameters including tube spacing, tube diameter and fin thickness are extensively analyzed. Based on the thorough review, it can be easily said that the PV/T systems are very promising devices and PV/T technology is expected to become strongly competitive with the conventional power generation in the near future.