This article reviews the existing literature on the internationalization of Asian business groups (BGs) by identifying the published papers on this subject in leading management and international business journals. We classify the literature based on the five most researched themes that describe the relationships among key constructs. These themes are (1) the effects of BG attributes on internationalization; (2) the effects of internationalization on firm performance; (3) the effects of BG attributes on firm performance; (4) the effects of resources and capabilities on internationalization; and (5) the effects of corporate governance on internationalization. Finally, based on what is missing in the literature, we propose an agenda for future research on the internationalization of Asian BGs.