This comprehensive review discusses methods that have been used for the thermal management of photovoltaic modules. Particular attention has been paid to the use of phase change material (PCM) in the heat management of photovoltaic (PV), concentrating photovoltaic (CPV) and building integrated photovoltaic (BIPV) systems. Regulating the temperature of PV systems comprised of crystalline silicon cells appears to be the most economically viable for the use of PV/PCM systems, as increases in temperature have the most detrimental effect on the efficiency of silicon solar cells compared to organic or thin film cells. Studies have shown that the use of PCM helps to improve the performance of PV although there is still more to be explored and improved particularly the solidification and discharge of PCM.