•A systematic literature-approach to classify retrofitting is proposed.•An overview of Spain’s previous guidelines on residential retrofits is presented.•A review of financial and subsidies mechanisms in Spain to renovate buildings is introduced.•A literature-based matrix on retrofitting actions is presented.•A classification of energy efficiency strategies for retrofitting is proposed. The building sector is responsible for more than 40% of final energy consumption in Europe; consequently, retrofitting existing buildings can significantly contribute to mitigate greenhouse emissions. Nevertheless, although the European Union has introduced relevant policy instruments, up to now the annual retrofit rates are considerably low with an average of 0.2% at European level. Understanding the past would support the success of the new strategies, such as the recent ones launched through the New Green Deal, which reinforces the importance of renovating existing buildings stock, as the main aim of the renovation wave. As a starting point for assessing the main challenges to allocate the Recovery funds, this paper provides a review of Spain’s relevant literature to clearly define the characterization of the existing building stock, which actions have been typically considered under the scope of retrofits, and which strategies have been implemented until now, considering both, private and public initiatives and public financial schemes. The present work has a strong focus on energy-related strategies, although other interrelated actions are mentioned, such as accessibility measures and interior refurbishment of dwellings. Differences and similarities within these approaches are presented through the analysis of 27 relevant references of retrofitting actions and 52 references of financial mechanisms. As in Spain 93% of multifamily buildings were constructed prior to the national transposition of the first Energy Performance Building Directive (EPBD), and therefore are in need of deep energy renovations, the retrofitting of multifamily buildings topic has been widely addressed, even though often in a disjointed manner. The study suggests that although historically there have been several recommended strategies, few are conceived as integral actions, only 15% of the intervention packages refer passive and active energy-related measures and renewable energy incorporation. Furthermore, considering the antiquity of the building stock and the advantage of addressing the topic through clusters, only 63% of the resources directly refer these actions to specific clusters among the six distinctive periods, although in most cases focusing their recommendations on buildings constructed before 1980 where the worst energy performance buildings are concentrated. Concerning public financial and funding instruments, the research illustrates that there has been a substantial increment of programs over the last years promoting energy-related measures, renewable energy and other complementary aspects such as accessibility and interior renovations, mainly for older clusters. Nevertheless, the funds constitute only 8% of the necessary declared investments, which along with the dispersion between the different procedures and the complexity of the processes, have significantly reduced the global impact of these actions without generating robust and oriented market dynamics. Despite the several resources found, both financial instruments and guidelines tend to describe in more detail strategies related to heating demand and consumption and not delve into other relevant actions for warmer climates, fact associated both to the dynamics coming from other countries, and to a vision of the past in which people do not consume refrigeration. This clear focus on heating loads rather than cooling could present limitations for warmer regions in the near climate-change future.