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The important phenomenon that the internationalization of Chinese firms (ICF) represents has attracted increasing interest from scholars from multiple fields over the past 20 years (1991–2010). Although this proliferation of research has the potential to significantly improve understanding of Chinese multinational enterprises (MNEs), the necessary step of consolidating and integrating extant knowledge is absent. This paper reviews the scholarship on the ICF and offers insights into the specific areas in critical need of further development. By focusing on articles published in major scholarly journals during the period 1991–2010, the authors develop a coherent framework to organize and review conceptual and empirical findings from disciplines as far ranging as management, international business, cross‐culture and area studies. Within the reviewed literature, three primary streams of enquiry are identified which focus on the antecedents, processes and outcomes of the ICF. Achievements within each of the three research streams are carefully reviewed using content analysis, whereby a number of important issues are identified which have remained consistently untouched, and recommendations are provided for future research, aimed at developing a more integrated research agenda on the ICF for management and international business scholars.