Internet of Things (IoT) aims to create a vast network with billions of things that can seamlessly create and exchange data, establishing intelligent interactions between people and objects around them. It is characterized with openness, heterogeneity and dynamicity, which inevitably introduce severe security, privacy and trust issues that hinder the widespread application of IoT. Trust Management (TM) holds great promise in identifying malicious nodes, maintaining trust relationships and enhancing system security. Traditional TM systems (TMSs) can be classified into centralized, semi-centralized and distributed ones, all three of which suffer from critical challenges and thus are not sufficient for facilitating IoT development. Blockchain, as a disruptive technology, can help addressing the challenges of TM in IoT, thanks to its advanced features such as decentralization, consistency and tamper-proofing. As a result, blockchain-based TM (BC-TM) has been extensively studied in recent years to achieve decentralized TM in IoT. However, it still lacks a comprehensive survey on the current state of arts. To fill this gap, in this paper, we conduct a serious survey on BC-TM in IoT. We first propose a set of evaluation criteria that should be met by a TMS in IoT. Then, we propose a taxonomy of TMSs, and continue with a thorough review on BC-TM in IoT by employing the proposed criteria. In the end, based on the review, a series of open issues are identified, and future research directions are suggested.