This work gives a precise review of the researches completed on the energy conservation characteristics of liquid flow glazing. Its energy saving and environmental benefits under various design and operation conditions, contributions with renewable energy utilization, as well as application in zero energy buildings are timely explored and summarized. Its advantages lie in the reduction of thermal transmission between the indoor and outdoor environments, the beneficial thermal collection, and the tactful utilization of renewable energy. The optical and thermal properties, as well as the energy performance of liquid flow glazing were found much affected by the glazing and fluid properties, the window configuration, and the operating conditions. These are consequently linked to the degree of electricity saving, the decrease in atmospheric CO2 emission, and the shortened life cycle payback time. The integrated use of solar and geothermal energy in liquid flow glazing systems is also addressed. This leads to more practical studies on the applications in zero energy buildings, such as control, real-time monitoring, and energy management strategies of liquid flow glazing system. In essence, the development of an evaluation platform or database, with systemic classification of liquid flow glazing categories plus the corresponding graded energy saving characteristics, is deemed helpful to the building professionals in meeting the zero energy buildings development targets.