This article provides a comprehensive, interdisciplinary review of the extant literature regarding the gay and lesbian consumer market. Through the critical review of 38 scholarly, peer‐reviewed articles, four primary streams of research are identified, and the significant findings and avenues for future academic inquiry are highlighted. Additionally, this review identifies the research trends in terms of publications, theoretical approaches, research design, and methodology spanning from the earliest publication in 1993 to 2013. This study provides important theoretical and managerial implications to inform business practice, public policy, and future scholarly research.