Building integrated photovoltaic (BIPV) technology provides an aesthetical, economic, and technical solution for electricity self-sufficiency in buildings. As one of the most promising technologies for solar energy harvesting in urban areas, BIPV technology provides multiple benefits for buildings, including power generation from renewable energy resources, the replacement of traditional wall cladding, daytime lighting, heating/cooling load reduction, etc. This paper systematically reviews the progress of recent research on the electrical, thermal, optical, and overall energy performances of BIPV systems. Furthermore, based on the literature review on the energy payback time and the greenhouse-gas emission of various BIPV technologies, the research progress of the life-cycle assessment of BIPV systems is also discussed. It is anticipated that the review results can provide meaningful reference and support for the research and development of BIPV technology.