The Photovoltaic (PV) cells are sensitive to temperature variations. When the ambient temperature and the intensity of solar irradiance falling on the PV cells increases, the operating temperature of the PV cells also increases linearly. This increase in operating temperature of the PV cells leads to reduction in open circuit voltage, fill factor and power output for mono and polycrystalline PV cells which are used in most of the power applications. The net results lead to the loss of conversion efficiency and irreversible damage to the PV cells materials. Therefore, to overcome these effects and to maintain the operating temperature of the PV cells within the manufacturer specified value, it is necessary to remove heat from the PV cells by proper cooling methods. This review presents an overview on passive cooling (heat pipe based and by fins), active cooling (by spraying water), liquid immersion cooling and cooling by employing phase change material (PCM) to enhance the performance of the commercially available PV and concentrated photovoltaic (CPV) cells.