Abstract Exergy analysis is very helpful for reducing irreversibility and rising the efficiency of solar collectors. The major objective of the present study is to organize a review on exergy analysis of different parabolic solar collectors. The effects of various flows and geometrical parameters of parabolic thermal collectors on the exergy efficiency were presented and discussed. In addition, comparative study was carried out to select the best solar thermal system for maximum exergy efficiency with minimal thermal losses. This study indicated that the hybrid nanofluids enhanced the exergy efficiency significantly as compared to without hybrid nanofluids. Passive techniques comprising twisted tape inserts, fins and insertion of swirl devices in the stream for changing the stream patterns causes to interrupt the thermal boundary layer and accordingly high exergy efficiency. This review would also throw light on the scope for further research and recommendation for improvement in the existing solar thermal collectors. Finally, this work will be beneficial for the scholars working on exergy analyses of solar parabolic collectors.