Although physical fitness is one of the most important factors regarding an individual’s health, many people perceive a lack of motivation. One promising solution is the usage of Virtual Reality (VR) sports applications. Studies showed that VR sport offers several advantages, ranging from a high enjoyment, the improvement of skill quality and motivation, to effectiveness in rehabilitation. The goal of this study is to obtain an overview of research VR sport applications through a systematic literature review and build a taxonomy based on this body of knowledge through an analysis of applications on the market. A comparison of both theory and practice reveals that while research applications often include specific sports movements for a well-defined target group, most market applications are designed for a wider audience and emphasize gamification. Further, market applications often include social experiences and competition that can motivate users significantly. Additionally, we identified whether current VR sports applications align with established learning theories and if their design can thereby facilitate sport skill learning. Our taxonomy offers valuable insights for both researchers and practitioners in the dynamic landscape of VR sports through describing trends and deriving gaps for future research.