The installation of photovoltaic (PV) systems is continuously increasing in both standalone and grid-connected applications. The energy conversion from solar PV modules is not very efficient, but it is clean and green, which makes it valuable. The energy output from the PV modules is highly affected by the operating conditions. Varying operating conditions may lead to faults in PV modules, e.g. the mismatch faults, which may occur due to shadows over the modules. Consequently, the entire PV system performance in terms of energy production and lifetime is degraded. To address this issue, mismatch mitigation techniques have been developed in the literature. In this context, this study provides a review of the state-of-the-art mismatch mitigation techniques, and operational principles of both passive and active techniques are briefed for better understanding. A comparison is presented among all the techniques in terms of component count, complexity, efficiency, cost, control, functional reliability, and appearance of local maximums. Selected techniques are also benchmarked through simulations. This review serves as a guide to select suitable techniques according to the corresponding requirements and applications. More importantly, it is expected to spark new ideas to develop advanced mismatch mitigation techniques.