Many innovative technologies have been developed around the world to meet its energy demands using renewable and nonrenewable resources. Solar energy is one of the most important emerging renewable energy resources in recent times. This study aims to present the state-of-the-art of parabolic trough solar collector technology with a focus on different thermal performance analysis methods and components used in the fabrication of collector together with different construction materials and their properties. Further, its industrial applications (such as heating, cooling, or concentrating photovoltaics), solar energy conversion processes, and technological advancements in these areas are discussed. Guidelines on commercial software tools used for performance analysis of parabolic trough collectors, and international standards related to performance analysis, quality of materials, and durability of parabolic trough collectors are compiled. Finally, a market overview is presented to show the importance and feasibility of this technology. We believe the compilation of reviews related to the above aspects will further provide impetus for the development of this technology in the near future.