The introduction of a practical solar cell by Bell Laboratory, which had an efficiency of approximately 6%, signified photovoltaic technology as a potentially viable energy source. Continuous efforts have been made to increase power conversion efficiency (PCE). In the present review, the advances made in solar cells (SCs) are summarized. Material and device engineering are described for achieving enhanced light absorption, electrical properties, stability and higher PCE in SCs. The strategies in materials and coating techniques for large area deposition are further elaborated, which is expected to be helpful for realizing high-efficiency SCs. The methods of light-harvesting in SCs via anti-reflecting coatings, surface texturing, patterned growth of nanostructure, and plasmonics are discussed. Moreover, progress in mechanical methods that are used for sun tracking are elaborated. The assistance of the above two protocols in maximizing the power output of SCs are discussed in detail. Finally, further research efforts needed to overcome roadblocks in commercialization were highlighted and perspectives on the future development of this rapidly advancing field are offered.