A family of two-dimensional transition metal carbides and nitrides had been developed expeditiously and called “MXenes”. MXenes possess planar nanostructure and excellent thermophysical and optical properties, which makes them superior to be used in solar devices. This study covers a comprehensive review of MXenes for augmenting the performance of solar collectors and solar cells. MXenes are deduced from the MAX phases (parent phase) via various etching methods, this process removes the sandwiched element of the MAX phase material. Characterization of MXenes plays a vital role to study the behaviour of MXene and to detect the flaws in the structure. Scanning electron microscopy can detect the accordion structure of MXenes and they are quite frequently used for the characterization of MXenes. Due to their advanced Localized surface plasmon effect and a high coefficient of extinction, MXenes possess excellent light absorption capacity, which improves the photothermal conversion efficiency. MXenes Ti3C2Tx governs the role as an additive, electrode, and charge transport layer (HTL/ETL) in solar cells. MXenes were incorporated as an additive in photoactive layers of perovskite solar cells, which enhances the power conversion efficiency of the cells.