Performance improvement of the PVT module is a very important topic in recent decades. Solar energy is a vital resource for mankind. Continuous elevation of the cell temperature of the PVT module results in a decrease in PV electrical efficiency. This review paper discusses the different techniques to cool the solar cell in order to reduce its cell temperature increasing its electrical efficiency and, also use the collected vital thermal energy to heat water (increase thermal efficiency) in a heat exchanger. A brief study on PVT/PCM and PVT/Nano-fluid system is done in this review paper. Furthermore, the PVT system is observed to be a very effective way to extract most of the available solar energy. Therefore, work must be carried out to increase their efficiency with the application of nano-fluids and phase change materials along with fins, or the use of binary nano-fluids/ nano- PCM to reduce the cost. This review paper highlights the application of PCM and nano-fluids for the effective cooling of the PV panel. © 2020 IEEE.