PurposeThe term Lean Startup (LS) was coined by Eric Ries, and his 2011 book has popularized the concept with organizations, both startups and established organizations, implementing LS. However the empirical grounding is thin and for a long time this subject has been neglected by academia. The purpose of this paper is to present a systematic literature review (SLR) on LS, while highlighting core knowledge and identify gaps.Design/methodology/approachA SLR was carried out based on the Preferred Reporting for Systematic Reviews and Meta-Analyses (PRISMA) protocol of Scopus and Web of Science databases. In total, 45 articles published in journals and conferences over 10 years were collected which revealed a number of LS research gaps.FindingsThe SLR revealed the tools and methods associated with LS, most cited pros and cons, reasons that cause LS failure, the challenges that companies face in the implementation of LS, and critical success factors (CSFs) that can support these challenges and minimize the reasons for failure.Practical implicationsThe findings of the study can be beneficial to practitioners and senior managers in organizations who wish to delve into the journey of LS. The study also discloses challenges and barriers that can hinder the implementation of LS.Originality/valueAcademic publications regarding LS are sparse and this SLR is one of the first SLRs to explore both the critical failure factors (CFFs) and the CSFs based on peer-reviewed journal and conference proceedings.