The concentrating photovoltaic/thermal (PVT) collectors offer the benefits of the reduced per-unit price of electrical energy and co-generation of electrical and thermal energies by intensifying the solar irradiation falling on the hybrid receiving plane. The compound parabolic concentrating (CPC) collectors have appeared as a promising candidate for numerous applications in the field of solar energy due to their ability to collect both direct and diffuse solar radiation and suitability for stationary installation. Over the last few decades, various configurations of CPC collectors have been proposed and investigated by different researchers for the simultaneous generation of electrical and thermal energies. This article presents a comprehensive review of historical and recent developments and applications of CPC-based hybrid PVT systems. The review focuses on the heat extraction mechanisms and commonly used application areas of CPC-PVT systems. The innovative design configurations proposed by different researchers have been reviewed in detail. The outputs of CPC-PVT systems are generally found to be superior to their counterparts without CPCs, which justifies their increased popularity. Due to dual outputs, the hybrid CPC-PVT systems are considered to be suitable for rooftop and building façade integrated applications. Finally, future recommendations have been enlisted, highlighting the potential research opportunities and challenges for the prospective researchers working in the field of concentrating solar PVT systems. © 2022 by the authors. Licensee MDPI, Basel, Switzerland.