Photoconductive antennas (PCAs), known for their broad bandwidth, high data rates, and simple structure, are gaining significant attention in terahertz (THz) applications. Over the past decade, THz PCAs have been extensively researched, demonstrating diverse applications across multiple fields. This paper provides a comprehensive review of PCA theory and design, along with an in-depth analysis of their relative advantages. Additionally, various strategies for enhancing antenna efficiency are discussed, focusing on material selection and geometric design. This review aims to offer researchers a consolidated resource, presenting key insights into the challenges and advancements in PCA research.