Offshore wind farms (OWF) and floating solar photovoltaic farms (FPV) are becoming crucial parts of global renewable energy plans. Combining OWF and FPV offers a promising approach to improving energy generation efficiency and cutting costs through shared infrastructure and operational synergies. This systematic review assesses key criteria for identifying suitable co-location sites; focusing on environmental regulations, resource availability, economic viability, social acceptance, and technological readiness. The study highlights that environmental protection laws and legal limitations are the primary factors affecting site feasibility, in addition to factors such as distance from existing infrastructure and economic considerations. Despite potential benefits, the existing challenges are the early stage of FPV technology and its low resilience in offshore environments. The findings underline the potential of co-located OWF-FPV projects to reduce the costs associated with offshore renewables, particularly in densely populated coastal areas with limited land availability. Strategic resource allocation and policy support are essential for overcoming these obstacles and promoting the development of sustainable offshore energy solutions. These findings serve researchers and practitioners alike, by offering insights for a better allocation of resources and efforts to foster the co-location development of OWF and FPV in the future.