This study aims to synthesize knowledge on the travel behavior of millennials and older adults based on literature from 2010 to 2018. The study looks into the different factors that contributed to shaping each generation’s travel behavior. Both qualitative and quantitative studies that fall within the selection criteria are reviewed, with a total of seventy-eight studies selected for review. Thirty-four papers focused on young adults/millennials, 35 included an older adult population, and 9 investigated both younger and older age groups. Six of the studies utilized qualitative methods, 68 applied quantitative methods, and 4 used mixed methods to explore the factors associated with travel behavior. Travel behaviors are explored in terms of mode choice, trip distance, trip frequency, use of alternative transport, ridesharing, and mobility tool ownership. Associated factors are categorized into five themes: personal attributes, geography and built environment, living arrangements and family life, technology adoption, and perceptions and attitudes towards travel options and environment. This study concludes that difference exists between generations in terms of travel behavior, and that the factors that influence each generation’s travel characteristics are either different or differ in their nature of influence (increase/decrease). Finally, based on the reviewed literature, this study proposes future research directions.