In recent years, researchers are fascinated to counter problem of PV-efficiency decline arising from high operating temperatures, especially in hot climates. This article conducts a comprehensive review of research activities performed in last 5 years, on cooling techniques with phase-change materials (PCMs), nanofluids and their combined use, leading to efficiency enhancement. By passive cooling approach with PCMs, it is found that maximum enhancement up to 20% in PV-efficiency can be achieved. Effectiveness of PCM for PV is more prominent in summer than in winter. Incorporations of fins inside PCM container at PV rear, results in much improved heat conduction within PCM. Now-a-days, researchers have grown interest in composite PCMs for PV cooling due to their enhanced thermal conductivity. Moreover, better heat regulation as well as PV-surface temperature uniformity can be achieved with two PCMs at a time having different melting points. Studies suggest that combination of passive & active cooling techniques helps in further lowering of PV-cell temperature, leading to enhancement in PV-efficiency with additional thermal power generation. PV-efficiency of water-based hybrid PV/T systems can be improved by 32% by integration with PCM. Although nanofluid-based PV/T systems have been proved to enhance PV-efficiency by more than 60%, but combined use of PCM & nanofluid is more effective approach for PV cooling than individual use of PCM or nanofluid. If combination is made between nanofluid & nano-PCM, electrical power & efficiency can further be enhanced. Nanofluids can also be considered a good spectral filter alternative as they require small thickness and are able to be tuned by varying nanoparticles conc. Finally, environmental impacts & economic viability of mentioned cooling techniques, were discussed. Studies show that PV/PCM systems become expensive & less feasible when operated in single junction due to long payback period up to 20 years. Economic feasibility can be increased by combining passive & active cooling techniques which can increase system compactness and lower its cost.