PurposeThis study aims to identify and analyze how Internet of things (IoT) technology affects supply chain management (SCM) performance.Design/methodology/approachA systematic literature review was conducted (using Scopus, JSTOR, Emerald, ProQuest, Science Direct and Web of Science) covering a 20-year timeframe (2000–2020). Out of 2,572 papers identified, 171 peer-reviewed papers from the most important journals were selected. Content analysis was used following the Global Supply Chain Forum (GSCF) SCM framework.FindingsRegarding the GSCF SCM framework processes, most IoT-based studies have addressed improving order fulfilment, manufacturing flow management and demand management processes. However, no studies addressing the Supplier relationship management process were identified, suggesting that IoT-based applications are perceived to add more value in downstream than upstream SCM processes. The importance of using enabling technologies to realize the potential of value generation of IoT was also revealed. Findings suggest new research avenues related to product development and commercialization process, the supplier relationship management process, the returns management process, servitization strategies, new SCM models and new business models.Research limitations/implicationsThe review encompasses only academic papers from journals considered the most relevant (retrieved from specific databases), using the impact factor as the quality criterion.Practical implicationsThe findings can help business managers better understand the potential of IoT technology, such as the main applications identified in the literature and their impacts on SCM processes. Their importance in enabling technologies to leverage SCM performance is identified and the emerging SCM models/business models that IoT deployment can enable are highlighted.Originality/valueThis study contributes to filling a gap in the literature using a systematic literature review of how IoT technology affects SCM performance through content analysis, using an SCM framework to clarify which SCM processes are affected. Academic articles from the most important journals from 2000 to 2020 are identified.