The development of photovoltaic technology (PV) is at an advanced stage, with the main economic drivers for continued research and development being its cost of manufacture and its conversion efficiency. While every effort is being made to gain widespread acceptance of renewable energy technologies in the developed countries of the world, the economic viability of such technologies remain largely a function of the availability and quality of the resource. In most developing countries the renewable energy resource far surpasses the resources found in the developed countries. Energy is fundamental for development and the appropriate use of renewable resources encourages sustainable development that strengthens the ecosystem and social fabric as well as the economy of a country. Hence, the successful transfer of technology to developing countries would not only assist their economic and social development but would also benefit the world through reduction in pollutant emission resulting from the use of other technologies. This paper reviews the process and potential of technology transfer to developing countries with particular reference to PV technology. Some of the major barriers in the transfer process are identified and the likely approaches to overcoming these barriers are addressed. The global benefits which may result from a successful technology transfer process are also highlighted.