In the past two decades, more and more methods have been used to test the adoption intention of information and communication technology (ICT) based on the value-based adoption model (VAM). However, previous studies paid less attention to a comprehensive study that reviewed research articles related to VAM to discuss the research gaps and future research opportunities. There is an absence of a clear agenda or roadmap in the research area of VAM. Therefore, the purpose of this study is to synthesise and analyse the research studies of VAM in the past two decades, identify the main theories/frameworks/models integrated with VAM, and summarise the key benefits and sacrifices factors of VAM and the use cases of VAM. This study reviewed 42 research articles published between 2007 to the first quarter of 2021, highlighted the literature gaps, as well as suggested further research directions.