This article presents an overview on the research and development and application aspects for the hybrid photovoltaic/thermal (PV/T) collector systems. A major research and development work on the photovoltaic/thermal (PVT) hybrid technology has been done since last 30 years. Different types of solar thermal collector and new materials for PV cells have been developed for efficient solar energy utilization. The solar energy conversion into electricity and heat with a single device (called hybrid photovoltaic thermal (PV/T) collector) is a good advancement for future energy demand. This review presents the trend of research and development of technological advancement in photovoltaic thermal (PV/T) solar collectors and its useful applications like as solar heating, water desalination, solar greenhouse, solar still, photovoltaic–thermal solar heat pump/air-conditioning system, building integrated photovoltaic/thermal (BIPVT) and solar power co-generation.