As an emerging energy harvesting pavement technology, the photovoltaic (PV) pavement, which combines mature photovoltaic power generation technology with traditional pavement facilities, can make full use of the vast spatial resource of roadways. This study conducts a comprehensive literature review on physical models and performance evaluations of PV pavement. The basic three-layer structure of the pavement module is presented, and the pros and cons of different physical model designs are compared in each layer separately. Thus a more suitable scheme could be proposed based on various application scenarios. The significance of testing standards for modular properties and energy simulation methods considering shading is emphasized, and the cost-effectiveness of three PV pavements and other energy harvesting pavements is compared. With the lowest Levelized cost of electricity (LCOE) of 1.65 $/kWh, the investment of PV pavement could not even recover within the 20 years lifetime. It might not be economically attractive until the LCOE is lower than 0.2 $/kWh. This technology is still in the early research stage nowadays, with relatively poor long-term stability and low effectiveness. Based on the review, this study summarizes the challenges of PV pavement in six aspects, while proposing perspectives and recommendations for its further development accordingly.