The principal objective of this review paper was to study the impact of gentrification phenomena in Thailand using a research methodology combining a review of the existing literature and a desk analysis of case studies, focusing on two main interconnected contributions to debates on gentrification. First, understanding gentrification phenomena by examining the existing literature required a perspective on not only gentrification but also its stages and consequences. Second, particular attention was paid to the desk analysis of case studies of gentrification phenomena in Thailand to provide an overview and critical analysis. The results of this research show that gentrification has accelerated across the globe to become a central engine of urban development. Gentrification is a complex process that has significant and multifaceted impacts on urban communities. Gentrification can have positive impacts, such as improving the urban scenery by revitalising the neighbourhood’s blighted places and raising property values by making buildings more appealing and contemporary. However, gentrification can also have negative impacts due to critical issues that are neglected such as the displacement of original inhabitants, particularly vulnerable populations; the loss of tangible and intangible cultural heritage; social inequalities; environmental vulnerability; and inappropriate land consumption. All of these factors contribute to the fact that urban development in Thailand still runs into issues or roadblocks that keep it inefficient and unable to fully accomplish the intended objectives.