Fast development of solar photovoltaic (PV) has also rendered an important part of the international shift to low-carbon power systems. Nonetheless, the traditional ground-mounted PV systems are currently experiencing more and more difficulties in the form of limited land, being rivaled by agricultural and urban land development, and high cost of land acquisition, especially in the congested areas. As a result, floating solar photovoltaic (FPV) systems have become an effective alternative as they can be placed on water bodies such as reservoirs, lakes, irrigation tanks, and coastal regions. Through leveraging the water surfaces, FPV will minimize the land-use conflict and provide more water-related advantages. This is a systematic review of floating solar PV systems, in terms of technoeconomic viability, performance, and the consideration of site selection.