Overall equipment effectiveness (OEE) is a key performance indicator used to measure equipment productivity. The purpose of this study is to review and analyze the evolution of OEE, present modifications made over the original model and identify future development areas. This paper presents a systematic literature review; a structured and transparent study is performed by establishing procedures and criteria that must be followed for selecting relevant evidences and addressing research questions effectively. In a general search, 862 articles were obtained; after eliminating duplicates and applying certain inclusion and exclusion criteria, 186 articles were used for this review. This research presents three principal results: (1) The academic interest in this topic has increased over the last five years and the keywords have evolved from being related to maintenance and production, to being related to lean manufacturing and optimization; (2) A list of authors who have developed models based on OEE has been created; and (3) OEE is an emerging topic in areas such as logistics and services. To the best of our knowledge, no comparable review has been published recently. This research serves as a basis for future relevant studies.