The TEC1-12706 thermoelectric module exemplifies significant advancements in thermoelectric technology, leveraging the Peltier effect for efficient heat transfer in applications ranging from thermal management to energy conversion and waste heat recovery. This review paper comprehensively analyzes the module’s design, operational principles, and integration into various systems, highlighting its role in enhancing energy efficiency and sustainability. TEC1-12706’s application in electronic devices, automotive systems, and food preservation underscores its versatility and effectiveness in precise thermal management. Despite challenges such as lower efficiency compared to traditional systems, ongoing research focuses on optimizing material properties and device designs to improve performance. Advancements in thermoelectric materials, including Janus monolayers and nanostructured configurations, promise to enhance the module’s figure of merit, ZT, thereby boosting efficiency. Future prospects include integrating advanced computational techniques for design optimization and exploring new materials for broader applications. The TEC1-12706 module stands as a testament to the potential of thermoelectric technology in promoting sustainable energy solutions, with continued innovation essential for addressing global energy challenges.