This systematic literature review (SLR) seeks to foster the presence of feminism and women's diversity in advertising through a systematic, transparent, and rigorous framework‐based review and the 4Ws1H (What, Where, Why, and HoW) analysis. The study provides three main contributions. First, it offers an innovative conceptual framework for examining female stereotypes and female empowerment in advertising by categorizing the 21st‐century literature into the four evolutive eras of feminism: prefeminism, feminism, postfeminism, and the fourth wave of feminism. Second, this SLR reveals prevailing research trends, predominant research methodologies, frequently explored geographical regions, and industries of focus while providing a roadmap for future research endeavors. Finally, it acknowledges the lasting impact of femvertising as a response to consumer demands during the fourth wave of feminism and its role in promoting diversity and inclusion in advertising, encompassing disabilities, ethnicity, age, and gender identity. The main research trends uncovered in this study encompass the effects of female stereotypes, the sexualization of women in advertising, attitudes related to the brand, and the exploration of female empowerment. Qualitative methodologies emerged as the dominant approach in this research landscape, with a particular focus on countries boasting high gender equality. Furthermore, industries that predominantly target women in their advertising campaigns, such as fashion, luxury apparel, beauty, and personal care, occupy a central position in the existing body of literature. These findings encourage scholars to embark on future research aligned with the proposed research trends, particularly in regions characterized by lower gender equality and within gender‐neutral or male‐dominated industries.