Photovoltaic (PV) systems are fundamentally limited by spectral mismatch between the solar spectrum and semiconductor band gaps, resulting in thermalization and transmission losses that reduce overall efficiency. This paper presents a critical review of spectral management approaches, focusing on solar spectrum splitting as a means to improve energy conversion. Existing strategies, including multijunction solar cells, optical spectrum splitting, dispersive and diffractive systems, luminescent solar concentrators, hybrid photovoltaic–thermal systems, and photonic filtering, are analyzed and compared. While these approaches improve spectral utilization, they are often constrained by fabrication complexity, alignment sensitivity, angular dependence, or inherent energy losses. A qualitative, integrative literature review methodology is used to evaluate performance, limitations, and implementation feasibility across these technologies. The analysis shows that no current approach simultaneously achieves high efficiency, low complexity, and robust performance under diffuse illumination. Photonic spectrum splitting combined with independently operated photovoltaic channels is identified as a promising direction. However, the absence of experimental validation remains a limitation, and future work should focus on developing compact, alignment-tolerant systems for practical applications.