One of the most prominent hybrid solar devices is the photovoltaic thermal system (PVTS), which is able to provide simultaneous electricity and thermal energy. The thermal energy is the heat absorbed by the photovoltaic (PV) module and transferred to the attached thermal collector and finally to the heat transfer fluid. Utilizing a proper heat transfer fluid is an effective means to increase in obtained thermal and electrical powers and enhance PV thermal management. Over the past decade, employing nanofluids thanks to their superior thermophysical properties became a proved strategy to improve the efficiency of the PVTS. This paper covers cutting-edge researches on nanofluid-based PVTS via different viewpoints, including energy, exergy, economic, and environmental (4E) aspects from the last seven years (2014–2020). Moreover, the performance of the air- and liquid-based PVTS are briefly reviewed, and a short report of these systems integrated with nano-enhanced phase change materials is presented. Finally, the environmental effects of the nanofluid-based PVTS like CO2 emission reduction and energy saving are discussed. Based on available studies in literature, replacing nanofluids with pure base fluids, apart from their positive economic and environmental effects, leads to an increase in the performance of PVTS from both energy and exergy analyses.

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