The objective of this study is to provide a systematic review of the literature on the impact of internships completed by university students. This research also aims to analyze variables that can affect outcomes and satisfaction in the internship experience. Fifty‐seven studies were included and examined. The effects and variables identified were listed and classified. The findings of this review support the overall positive effects of business internships and confirm that they are a win‐win situation for the main 3 stakeholders: students, employers, and higher education institutions.