In the context of emerging sustainability challenges, demarketing has continued to draw the attention of academicians and practitioners globally over the past few years. It is interesting to note that demarketing is as old as marketing itself, yet its application and scope have grown from the past two decades only. Kotler and Levy, (1971) has defined demarketing as “that aspect of marketing which deals with discouraging customers in general or a certain class of customers in particular on a temporary or permanent basis”. This systematic literature review attempts to enrich the discussion on demarketing research through a systematic and comprehensive review of 64 articles published between 2000 and 2022. Using TCCM framework, we present relevant theories, research contexts, study characteristics, and methodologies used in demarketing research. Our review (1) Presents a systematic and comprehensive overview of the research in demarketing over the last two decades (2) Examines studies in demarketing within the framework of ‘triple bottom line’ approach for sustainability (3) Suggests a suitable definition of demarketing considering its exorbitant application within the sustainability context (4) Identify gaps and sets agenda for future research. Our systematic literature review found that research in demarketing has been growing considerably over the past two decades, twice as much in the last decade compared to the previous decade with spill‐over to new sectors. The literature review, through the lens of ‘triple bottom line’ approach, is able to establish that demarketing can be employed to effectively address the sustainability challenges encountered by policymakers and practitioners.