This study investigated what, how, why, for whom, and when extracurriculars add to entrepreneurship and enterprise education to examine the roles of extracurriculars in entrepreneurship and enterprise students’ education and learning processes. A systematic literature review method was chosen as it enables to identify characteristics of extracurricular entrepreneurship and enterprise education (EEE) through synthesis of validated studies of the phenomena. Findings indicate that EEE differs from formal EE owing to the influence of voluntariness and students’ engagement in the EEE. Students’ engagement in EEE and the motivation behind their engagement will be fundamental in the understanding of why, when, whom and how students engage and the outcome of engaging. The study contributes to the EE literature by addressing how the uniqueness of voluntarily participating in EEE influences learning situations, which distinguishes EEE from formal EE. Thus, the study has implications for research regarding how EEE and different EEE activities and initiatives need to further be explored to understand the potential of learning from participation in extracurricular entrepreneurship and enterprising education. The study provides implications for practice in regard of how EEE can be organized to foster learning.