This review provides an overview of the current development of thermophotovoltaic (TPV) technology in heat recovery, focusing on two main aspects: high-efficiency TPV systems and industrial waste heat applications. At the system level, the review covers the latest advancements in TPV complete systems, selective emitters, and photovoltaic cells, highlighting key components and micro/nano-fabrication methods to improve energy conversion efficiency. At the application level, the feasibility of TPV in high-temperature industries, particularly the steel industry, is discussed, emphasizing the potential for waste heat recovery and carbon neutrality. The review also analyzes the global waste heat utilization situation and the potential of TPV in reducing carbon emissions and improving energy efficiency. Key challenges and future directions in TPV technology are identified, including the need for more efficient emitters and PV cells, and the integration of TPV systems into industrial processes.This review provides an overview of the current development of thermophotovoltaic (TPV) technology in heat recovery, focusing on two main aspects: high-efficiency TPV systems and industrial waste heat applications. At the system level, the review covers the latest advancements in TPV complete systems, selective emitters, and photovoltaic cells, highlighting key components and micro/nano-fabrication methods to improve energy conversion efficiency. At the application level, the feasibility of TPV in high-temperature industries, particularly the steel industry, is discussed, emphasizing the potential for waste heat recovery and carbon neutrality. The review also analyzes the global waste heat utilization situation and the potential of TPV in reducing carbon emissions and improving energy efficiency. Key challenges and future directions in TPV technology are identified, including the need for more efficient emitters and PV cells, and the integration of TPV systems into industrial processes.