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A tremendous amount of greenhouse gases, are generated, by using fossil fuels, which may cause global warming. Also, fossil fuels do not regenerate and will eventually run out. But not before they can do irreversible harm to our environment. Societal modernization and growing energy consumption are closely matched. People increasingly consume energy to meet high-speed developments and high quality life standards. The largest portion of energy people are using comes out of fossil fuels such as natural gas, coal, and petroleum. The great advances in nanotechnology have made it possible to develop energy efficient solar cells. The main goal of this research is to fabricate carbon nanostructured materials, such as carbon nanotubes, graphene, etc., to apply in the groundbreaking third generation photovoltaic devices. This information is scientifically based and delves into the ongoing research that is being done to produce stronger, greener, and more cost effective solar cells. Solar cell research and development is crucial for sustainable energy that is needed to fuel the increasing need of the growing populations.