The paper has presented an overview of various available models of PV panel based on analytical and experimental viewpoint. The first part of review considers analytical models based on electrical equivalent circuit and mathematical equations. Second part gives a review of the experimental models, which considers the environmental conditions and their effect on electrical behavior of PV panel. These environmental conditions include variation in solar irradiance, temperature and partial shading of PV panel. This paper can help in deciding and developing a particular PV panel model for specific kind of study. Those who are interested in research of solar power generation system modeling and simulation in virtual environment can go for a particular model as per their requirement.