Photovoltaic (PV) modules are subject to climate-induced degradation that can affect their efficiency, stability, and operating lifetime. Among the weather and environment related mechanisms, the degradation mechanisms of the prominent polymer encapsulant, ethylene-vinyl-acetate copolymer (EVA), and the relationships of the stability of this material to the overall reliability of Si-based PV modules were addressed. The EVA function and properties correlated to its deterioration factors as temperature, moisture, and ultraviolet radiation (UV) were discussed in this work. The main objective of this study is to review the literature on EVA encapsulation and its degradation, which promotes the loss in performance of the PV module. The deleterious effects on EVA such as photodegradation, moisture, delamination, bubble formation and potential induced degradation (PID), their relationship with the polymer structure, chemical, mechanical, optical and electrical properties are approaches carried out in this review. This paper also provides a brief review of the developing field of EVA composites technology aiming at higher performance materials.