The business model is a fashionable theme, but there is much confusion on its meaning and features. This paper provides a systematic literature review of the business model in Strategy and General Management fields, analysing 282 articles and 11 correlated books. We propose a conceptual framework in order to organise the review according to two areas of interest: the ontological aspects (i.e., origins, definitions, components and taxonomies of the business model; the relationship between the business model and strategy); and the evolutionary aspects (i.e., the business model innovation; the open business model; and the sustainable business model). Results suggest that, despite high academic interest, an agreed conceptualisation of the business model is still lacking. Hence, this study aims to uncover, classify and integrate the main units of analysis on business model research, while also identifying future directions and perspectives.