This article reviews the individual and organizational implications of gig work using the emerging psychological contract between gig workers and employing organizations as a lens. We first examine extant definitions of gig work and provide a conceptually clear definition. We then outline why both organizations and individuals may prefer gig work, offer an in-depth analysis of the ways in which the traditional psychological contract has been altered for both organizations and gig workers, and detail the impact of that new contract on gig workers. Specifically, organizations deconstruct jobs into standardized tasks and gig workers adapt by engaging in job crafting and work identity management. Second, organizational recruitment of gig workers alters the level and type of commitment gig workers feel toward an employing organization. Third, organizations use a variety of nontraditional practices to manage gig workers (e.g., including by digital algorithms) and gig workers adapt by balancing autonomy and dependence. Fourth, compensation tends to be project-based and typically lacks benefits, causing gig workers to learn to be a "jack-of-all-trades" and learn to deal with pay volatility. Fifth, organizational training of gig workers is limited, and they adapt by engaging in self-development. Sixth, gig workers develop alternative professional and social relationships to work in blended teams assembled by organizations and/or adapt to social isolation. Challenges associated with these practices and possible solutions are discussed, and we develop propositions for testing in future research. Finally, we highlight specific areas for further exploration in future research.

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