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Floating photovoltaic (FPV) systems have gained significant attention and popularity in recent years. It possesses several distinct advantages over its traditional land-based counterparts, and it is poised for exponential growth soon. Hence, to contribute to the rapid developments in FPV systems, this article critically reviews and presents the latest state of knowledge in FPV’s technologies, applications, and outlook. This article also discusses the present standards for FPV project designs, learnings from past installations, and its sustainability aspects, including its end-of-life management and carbon footprint. Overall, while scholars and the industry are cognizant of the need for more research and development to accelerate FPV deployment, they should also channel their efforts and resources to developing industry standards and focus on enabling FPV systems to participate in the circular economy