Previous literature reviews of strategic flexibility have a number of shortcomings: they lack a specific focus in the field, provide an excessive definitional focus or lack a clear empirical overview of research in the field. To overcome these shortcomings, this paper aims to systematically analyse the literature on strategic flexibility by identifying its main characteristics, linking the different aspects together in a new conceptual framework, and considering the means to measure it. This comprehensive analytical model analyses various aspects of strategic flexibility in the relevant literature (156 contributions). Thus, the systematic and critical approach of this paper offers a novel perspective in understanding strategic flexibility, and contributes to the field by providing a consolidation of the literature and indicating future research avenues.