The paper aims to comprehend the research work carried out about women directors to identify and highlight various issues, such as; status of women directors, factors hindering the growth of women directors, benefits of having women directors, strategies to promote women participation and directions for future research. The paper clears that the representation of women on the corporate boards across the globe is very low. Role perception, male dominance and stereotypes, proportion of women in management positions, mentoring and networking opportunities, nature of industries, size of the organization and board and a range of other factors determine the participation of women on the corporate boards. Awareness for social philanthropy, less incidences of sexual harassment, motivating women employees and improved corporate performance are the different benefits an organization can drive from having more women at the corporate boards.The primary purpose of this review paper is to comprehend the research work carried out about women directors, in order to identify and highlight the various issues associated with women directors and suggesting areas for future research. Burke (1993) reviewed the writings and research that pertained specifically to women on corporate boards. He stated that research on corporate boards, in general, has been limited and studies that consider women directors have been few. He examined characteristics of women directors and change in those characteristics; how women directors were being selected; reasons among women for joining or refusing to join and serve on boards; reasons for having few/more women on boards; do women on board make a difference and future research directions. Since then many more studies have been conducted which have probed various women director related issues, such as; the status of women directors on the boards, reasons for less representation of women on corporate boards, benefits of having women on corporate boards and effects of higher representation of women on the corporate philanthropy. The present review of research literature focuses on status of women on corporate boards, factors affecting the advancement of women on corporate boards and benefits derived from having women on corporate boards.