PurposeThe extensive distribution of fake news on the internet (FNI) has significantly affected many lives. Although numerous studies have recently been conducted on this topic, few have helped us to systematically understand the antecedents and consequences of FNI. This study contributes to the understanding of FNI and guides future research.Design/methodology/approachDrawing on the input–process–output framework, this study reviews 202 relevant articles to examine the extent to which the antecedents and consequences of FNI have been investigated. It proposes a conceptual framework and poses future research questions.FindingsFirst, it examines the “what”, “why”, “who”, “when”, “where” and “how” of creating FNI. Second, it analyses the spread features of FNI and the factors that affect the spread of FNI. Third, it investigates the consequences of FNI in the political, social, scientific, health, business, media and journalism fields.Originality/valueThe extant reviews on FNI mainly focus on the interventions or detection of FNI, and a few analyse the antecedents and consequences of FNI in specific fields. This study helps readers to synthetically understand the antecedents and consequences of FNI in all fields. This study is among the first to summarise the conceptual framework for FNI research, including the basic relevant theoretical foundations, research methodologies and public datasets.