Hybrid renewable energy systems (HRES) combine two or more renewable energy systems and are an interesting solution for decentralized renewable energy generation. The exergy and exergo-economic approach have proven to be useful methods to analyze hybrid renewable energy systems. The aim of this paper is to present a review of exergy and exergy-economic approaches to evaluate hybrid renewable energy systems in buildings. In the first part of the paper, the methodology of the exergy and exergo-economic analysis is introduced as well as the main performance indicators. The influence of the reference environment is analyzed, and results show that the selection of the reference environment has a high impact on the results of the exergy analysis. In the last part of the paper, different literature studies based on exergy and exergo-economic analysis applied to the photovoltaic-thermal collectors, fuel-fired micro-cogeneration systems and hybrid renewable energy systems are reviewed. It is shown that the dynamic exergy analysis is the best way to evaluate hybrid renewable energy systems if they are operating under a dynamic environment caused by climatic conditions and/or energy demand.