Nano-scale engineering for optoelectronic properties of silicon has shown its suitability in the modern era of Photovoltaic. The major focus is on Silicon quantum dots (Si QDs) which behave like an atom restricting the free movement of electrons. It provides an opportunity to control the energy states by manipulating the size of the Si QDs. Such closely packed Si QDs together form quasi-crystalline structures that lead to the formation of superlattices in different Si energy bands. Significant efforts have been devoted to the control of size and distribution density of the Si QDs. A current status of research efforts on the factors that influence the size and distribution density of Si QDs within the silicon-based matrix are discussed here. A brief summary of various fabrication techniques and mechanisms behind the growth of Si QDs are discussed in this study. A comparison on the effect of growth parameters for Si QDs with various dielectric/semiconductor matrix such as Silicon dioxide, Silicon nitride, Silicon carbide and the combination of the tandem solar cell is highlighted based on recent research progress. An overview towards the state of the art in the development, challenges and future trends of Si QDs to dictate as the third generation photovoltaic material are discussed in detail. (C) 2018 Elsevier Ltd. All rights reserved.