In order to get more power and heat from PV/T system, it is necessary to cool the PV cell and decrease its temperature. This is not an easy task especially in hot and humid climate areas. There is a lack of an effective cooling strategy of PV/T panels. The liquid based photovoltaic thermal collector systems are practically more desirable and effective than air based systems. Temperature fluctuation in liquid based PV/T is much less than the air based PV/T collectors which subjected to variation in solar radiation levels. In this study a review of the available literature on PV/T collector systems which utilize water and refrigerant (workingfluid) as heat removalmediumfor different applications has been conducted. Future directionofwater-cooled and refrigerant hybridphotovoltaic thermal systemswas presented. This study revealed that the direct expansion solar-assisted heat pump system achieved better cooling effect of the PV/T collector.