"Last known location" will display for a day or so after the phone is turned off, or if the phone does not have an Internet connection where it is located at the time.
But, if the battery has run down or the phone does not have an Internet location where it is located, the phone will display "Offline" status. Nothing you can do in that case other than keep checking every few hours to see if the status of the phone has changed.
"Can still be tracked while off" is not exactly correct.....because it does not also include other details.
The conditions have to be there.....the battery still has to have a good charge, the phone has to have an Internet connection or other iPhones in close proximity to help with location details.
No way the phone can be tracked in real time if the battery has run down. You'll see "Offline" in that case.
Unfortunately, you have to be realistic. The chances that a stolen phone will ever be recovered are a tiny fraction above zero.
If your iPhone, iPad, or iPod touch is lost or stolen - Apple Support