Mobile learning (M-Learning) has become a popular and effective method of education that leverages the ubiquity of mobile devices. M-Learning has digitally transformed the process of teaching and learning. It has tremendous potential to empower all sections of society through education and training. This study presents a systematic literature review of M-Learning. The articles were retrieved from Scopus and Web of Science databases. After applying inclusion and exclusion criteria, a final selection of 161 articles published between 2016 and 2022 was included in the review. To analyze the articles, the researchers employed the TCCM (Theory, Context, Characteristics, Methods) framework, which facilitated addressing the research questions. This review identified various theories, such as behaviorism, constructivism, cognitivism, situated learning, problem-based learning, context awareness learning, socio-cultural theory, collaborative learning, conversational learning, lifelong learning, informal learning, activity theory, connectivism, navigation, and location-based learning, that are used to support and guide the implementation of M-Learning. In terms of context, developing countries contributed to 70.8% of the studies, while developed countries contributed to 29.1%. Further, a majority of the studies, 93%, involved students followed by faculty members and only two studies involved staff from higher education management. A total of 19 unique characteristic factors have been identified, such as personal, intention, attitude, usage, utility, ease of use, learnability, social, technological, pedagogical, anxiety, enjoyment, accessibility, knowledge, experience, trust, price, and habit. A quantitative research design was used in 90% of the studies, followed by mixed methods research design in 7% of the studies, and qualitative research design in only 3% of the studies. Further, this article synthesizes previous research findings and highlights gaps for future research. Overall, this review contributes to the understanding and advancement of M-Learning as a valuable educational platform.