In this review, the emerging work using a technique known as modulated photothermal radiometry (MPTR) is evaluated. As MPTR has matured, the previous discussions on theory and modeling have become increasingly limited in their applicability to the current state of the art. After a brief history of the technique, the currently used thermodynamic theory is explained, highlighting the commonly applied simplifications. The validity of the simplifications is explored via modeling. Various experimental designs are compared, and the differences are explored. New applications, as well as emerging analysis techniques, are presented to emphasize the trajectory of MPTR.