The purpose of this systematic literature review is to review the major studies about misinformation and fake news during COVID-19 on social media. A total of 144 articles studies were retrieved from ScienceDirect, Scopus, and Web of Science databases and 20 relevant articles were selected using the PRISMA technique. It was found that altruism, instant news sharing, self-promotion, and socialization are predictors of fake news sharing. Furthermore, the human mind plays a significant role in spreading misinformation while the role of critical thinking of individuals is very much important in controlling the flow of misinformation.