• Bifacial PV state-of-art systematically presented through extensive review. • Bifacial characterisation, design options, modelling and real-time issues discussed. • Novel design options reviewed for improved performance and reliability. • Future prospects through niche applications introduced through review. This review paper deals with presenting a systematic flow of information regarding different aspects of bifacial photovoltaic technology. A novel state of the art is hereby presented which accumulates all facets of bifacial technologies at one terminus. The review is initiated by introducing the concepts of bifacial cells, by listing the significant design aspects and distinctions between different bifacial cells. This is further followed by a discussion on the various design options which are considered in the industrial scenario while manufacturing bifacial modules with a brief detailing of the merits and demerits of each design option. In the subsequent sections, the characterisation of bifacial modules and modelling the performance of the same is presented in substantial detail while methodically summarizing the numerous research works carried out all over the world which dwell into different characteristics of bifacial photovoltaics. A noteworthy discussion on the issues faced by bifacial modules when installed in field scenarios is presented in copious detail, as understanding this technology at a fundamental level requires a concrete knowledge of all the pros and cons. The review is concluded by introducing future novel concepts which can allow for improved performance and reliability of bifacial modules along with applications where bifacial photovoltaic technology has tremendous potential to flourish.