Solar photovoltaic (PV) modules continue to make a significant contribution to the ongoing process of smooth transitioning from fossil fuels to renewable energy. However, when exposed to solar irradiation, a PV module suffers significant performance degradation due to rising operating temperature, underscoring the necessity for suitable thermal management strategies. In this review, the different water-based cooling techniques that have been adopted in non-concentrating photovoltaic modules have been identified, classified, reviewed and compared, and the scope for further research has been discussed in detail. The maximum temperature reduction observed with intentional and unintentional cooling techniques was about 50 °C and 15 °C, respectively. The maximum photovoltaic electrical efficiency improvement was about 19% and 15%, respectively, when compared to an uncooled module, due to intentional and unintentional cooling techniques. Unintentional cooling techniques like floating photovoltaics, photovoltaic/thermal collectors, and hybrid photovoltaic-solar still offer benefits such as water evaporation prevention, hot water generation and desalinated water production, respectively. Intentional cooling techniques seem to consume more water and add additional benefits like module cleaning and tertiary wastewater treatment. The least water consumption was observed with the evaporative cooling technique. Potential water quality degradation was a main concern in immersion cooling and floating PV. Except for evaporative and immersion cooling techniques, other intentional techniques require additional energy for water pumping/circulation. Water seepage into the module layers has serious effects on the module’s life time and performance. Suitable research gaps in each water-based module cooling technique have been identified and reported. This review work will provide the necessary information to researchers to select suitable cooling techniques based on the requirement for further investigation and development.