This review discusses the current development of thermophotovoltaic (TPV) technology in heat recovery. TPV systems are effective for recovering waste heat from high-temperature industries. The review covers two aspects: high-efficiency TPV systems and industrial waste heat applications. At the system level, representative results of TPV systems are compiled, along with selective emitters and photovoltaic cells from the last decade. Key points for improving energy conversion efficiency are analyzed, along with related micro/nano-fabrication methods. At the application level, the feasibility of TPV applications in high-temperature industries is shown based on global waste heat utilization. The potential of TPV in waste heat recovery and carbon neutrality is illustrated with the steel industry as an example. TPV systems convert thermal energy into electrical energy through the photovoltaic effect. The system consists of a heat source, a heat emitter, and a photovoltaic cell. The heat source provides energy, the emitter converts heat energy into an emission spectrum, and the PV cell converts photon radiation into electrical energy. The efficiency of TPV systems is influenced by the mismatch between the emission spectrum of the emitter and the bandgap of the PV cell. To improve efficiency, methods such as enhancing the matching of the thermal emitter emission spectra and developing suitable narrow bandgap PV cell materials are explored. Recent advancements in TPV technology include the development of metamaterial emitters with precise microstructures, which allow for precise tuning of the emission spectrum. These emitters are fabricated using techniques such as atomic layer deposition, electron beam evaporation, and magnetron sputtering. Additionally, the use of back reflectors and selective emitters can enhance the efficiency of TPV systems. In the steel industry, TPV technology has potential for waste heat recovery. High-temperature waste heat from steel production can be converted into electrical energy using TPV systems. For example, the cooling of hot rolled steel plates can be utilized to generate electricity through TPV systems. The efficiency of TPV systems in converting waste heat into electricity is influenced by factors such as the temperature of the heat source and the bandgap of the PV cell. The steel industry is a major source of waste heat, with significant potential for recovery through TPV technology. The use of TPV systems in the steel industry can help reduce carbon emissions and improve energy efficiency. However, challenges such as the mismatch between the emission spectrum of the emitter and the bandgap of the PV cell remain. Research is ongoing to develop more efficient TPV systems that can effectively recover waste heat and contribute to carbon neutrality.This review discusses the current development of thermophotovoltaic (TPV) technology in heat recovery. TPV systems are effective for recovering waste heat from high-temperature industries. The review covers two aspects: high-efficiency TPV systems and industrial waste heat applications. At the system level, representative results of TPV systems are compiled, along with selective emitters and photovoltaic cells from the last decade. Key points for improving energy conversion efficiency are analyzed, along with related micro/nano-fabrication methods. At the application level, the feasibility of TPV applications in high-temperature industries is shown based on global waste heat utilization. The potential of TPV in waste heat recovery and carbon neutrality is illustrated with the steel industry as an example. TPV systems convert thermal energy into electrical energy through the photovoltaic effect. The system consists of a heat source, a heat emitter, and a photovoltaic cell. The heat source provides energy, the emitter converts heat energy into an emission spectrum, and the PV cell converts photon radiation into electrical energy. The efficiency of TPV systems is influenced by the mismatch between the emission spectrum of the emitter and the bandgap of the PV cell. To improve efficiency, methods such as enhancing the matching of the thermal emitter emission spectra and developing suitable narrow bandgap PV cell materials are explored. Recent advancements in TPV technology include the development of metamaterial emitters with precise microstructures, which allow for precise tuning of the emission spectrum. These emitters are fabricated using techniques such as atomic layer deposition, electron beam evaporation, and magnetron sputtering. Additionally, the use of back reflectors and selective emitters can enhance the efficiency of TPV systems. In the steel industry, TPV technology has potential for waste heat recovery. High-temperature waste heat from steel production can be converted into electrical energy using TPV systems. For example, the cooling of hot rolled steel plates can be utilized to generate electricity through TPV systems. The efficiency of TPV systems in converting waste heat into electricity is influenced by factors such as the temperature of the heat source and the bandgap of the PV cell. The steel industry is a major source of waste heat, with significant potential for recovery through TPV technology. The use of TPV systems in the steel industry can help reduce carbon emissions and improve energy efficiency. However, challenges such as the mismatch between the emission spectrum of the emitter and the bandgap of the PV cell remain. Research is ongoing to develop more efficient TPV systems that can effectively recover waste heat and contribute to carbon neutrality.