Nowadays, considering the constant changes in customers’ demands, manufacturing systems tend to move more and more towards customization while ensuring the expected reactivity. In addition, more attention is given to the human factors to, on the one hand, create opportunities for improving the work conditions such as safety and, on the other hand, reduce the risks brought by new technologies such as job cannibalization. Meanwhile, Industry 4.0 offers new ways to facilitate this change by enhancing human–machine interactions using Collaborative Robots (Cobots). Recent research studies have shown that cobots may bring numerous advantages to manufacturing systems, especially by improving their flexibility. This research investigates the impacts of the integration of cobots in the context of assembly and disassembly lines. For this purpose, a Systematic Literature Review (SLR) is performed. The existing contributions are classified on the basis of the subject of study, methodology, methodology, performance criteria, and type of Human-Cobot collaboration. Managerial insights are provided, and research perspectives are discussed.