Reviews of renewable energy are being prompted more frequently by economic challenges and climate change resulting from global warming. Solar cells are commonly regarded as renewable energy sources among energy-producing technologies. The majority of the world’s photovoltaic (PV) fabrication capacity is embraced by technologies based on silicon heterojunction (SHJ) solar cells. In mass production, the conversion efficiency of the SHJ solar cell has surpassed 26%. The main challenges to the industrial-scale implementation of SHJ solar cells are now carrier recombination, which includes contact recombination (at the metal-semiconductor), surface/interface recombination (at c-Si surfaces), and bulk recombination (within c-Si), which is typically minimal in high-quality wafers. To minimize recombination and improve the performance of SHJ solar cells, light utilization, optical design, and material parameters (the functional layers) must be optimized. The latest developments in SHJ solar cells are reviewed. We review the various factors that can influence the solar cell gain and loss mechanisms, with a particular focus on the Interlayer and capping layer that affect the overall performance of the SHJ solar cell. We examine the current limitations and potential solutions to the industrialization of SHJ technology, most of which are currently being explored in the industrial field. The systematic dependability and simplicity are reviewed with an eye on their use in performance improvement.