Maximum power point tracking (MPPT) technology plays a key role in improving the energy conversion efficiency of photovoltaic (PV) systems, especially when multiple local maximum power points (LMPPs) occur under partial shading conditions (PSC). It is necessary to modify the operating point efficiently and accurately with the help of MPPT technology to maximize the collected power. Even though a lot of research has been carried out and impressive progress achieved for MPPT technology, it still faces some challenges and dilemmas. Firstly, the mathematical model established for PV cells is not precise enough. Second, the existing algorithms are often optimized for specific conditions and lack comprehensive adaptability to the actual operating environment. Besides, a single algorithm may not be able to give full play to its advantages. In the end, the selection criteria for choosing the suitable MPPT algorithm/converter combination to achieve better performance in a given scenario is very limited. Therefore, this paper systematically discusses the current research status and challenges faced by PV MPPT technology around the three aspects of MPPT models, algorithms, and hardware implementation. Through indepth thinking and discussion, it also puts forward positive perspectives on future development, and five forwardlooking solutions to improve the performance of PV systems MPPT are suggested.