Having the wide application of metal oxides in energy technologies, in recent years, many researchers tried to increase the performance of the PV/T system by using metal oxide-based nanofluids (NFs) as coolants or optical filters or both at the same time. This paper summarizes recent research activities on various metal oxides (Al₂O₃, TiO₂, SiO₂, Fe₃O₄, CuO, ZnO, MgO)-based NFs performance in the PV/T system regarding different significant parameters, e.g., thermal conductivity, volume fraction, mass flowrate, electrical, thermal and overall efficiency, etc. By conducting a comparative study among the metal oxide-based NFs, Al₂O₃/SiO₂-water NFs are mostly used to achieve maximum performance. The Al₂O₃-water NF has a prominent heat transfer feature with a maximum electrical efficiency of 17%, and a maximum temperature reduction of PV module of up to 36.9°C can be achieved by using the Al₂O₃-water NF as a coolant. Additionally, studies suggest that the PV cell’s efficiency of up to 30% can be enhanced by using a solar tracking system. Besides, TiO₂-water NFs have been proved to have the highest thermal efficiency of 86% in the PV/T system, but TiO₂ nanoparticles could be hazardous for human health. As a spectral filter, SiO₂-water NF at a size of 5 nm and a volume fraction of 2% seems to be very favorable for PV/T systems. Studies show that the combined use of NFs as coolants and spectral filters in the PV/T system could provide a higher overall efficiency at a cheaper rate. Finally, the opportunities and challenges of using NFs in PV/T systems are also discussed.