To fulfill fast-growing energy needs, all energy sources should be utilized. Renewable energy is infinite and clean. However, its main disadvantage is that renewable energy sources are intermittent. A Hybrid Renewable Energy System (HRES) is built by integrating several distinct energy sources to deal with this problem. In regards to energy economy, economics, dependability, and flexibility, these hybrid systems can surpass the limits of individual energy producing technologies. The power capacity of HRESs increased from 700 GW to 3100 GW globally over the period 2000–2021. This study aimed to offer and analyze a comprehensive literature review of recently published works by several researchers in the area of HRESs. The HRES contains different Hybrid Energy Systems (HESs), which are categorized into three parts, namely, PV_Other, Wind_Other and PV_Wind_Other. These systems, based on different optimization techniques/software with techno-economic objective functions and constraints, are reviewed in this paper. The optimal sizing, control, and power management strategies of the HRES are elaborately discussed to harness its potential. It has been determined that Metaheuristic (MH) methods and HOMER software are mostly employed in the fields of HRES sizing, control, power management, and optimization. The review provides a critical analysis of the shortcomings of the existing HRES systems, while choosing optimization parameters, and control and power management schemes. Moreover, the study encapsulates the various challenges/barriers in adopting HRESs. Finally, this review highlights possible future opportunities for PV, Wind, and other HESs in the area of control, power management, optimization, and optimal sizing.