The demand of electricity is expanding all through the world day by day and due to constrained measure of conventional energy sources, it is necessary to structure and design some new and renewable energy systems that can not dependent on traditional energy assets. A hybrid off-grid and on-grid renewable energy framework might be designed according to the load demand and local available resources at the particular location. The techno-economic analysis can be performed on the basis of various input parameters and other technical parameters such as energy, net present, unit cost of electricity, life cycle costs with respect to grid connected systems and extension of grid for different configurations so that optimal hybrid system could be select for further implementation. In this framework, the proposed and implemented works by some of the researchers are reviewed in details. The recommendations based on exhaustive literature review are also presented towards designing an appropriate renewable energy-based hybrid generation system considering technical, economic and environmental parameters.