Currently, cooling of photovoltaic (PV) panels, a significant issue due the negative effect on panel efficiency, is subjected to intensive researches. For this purpose, numerous researches on cooling methods are performed to keep the panel efficiencies around the design values. In this study, a comprehensive literature review was presented to give the status of the technological improvement in cooling options. In addition, strong and weak aspects of the studies were discussed, and advantageous methods were emphasized for the further application of PV panels. Finally, future perspective of PV panel cooling studies was explored with proper cooling options in lower operating temperatures for higher operation efficiencies.