Excessive speed is one of the main causes of fatal crashes worldwide. One speed reduction measure is dynamic speed feedback signs (DSFS), whose main purpose is to make drivers aware of their excessive speed and thus influence their behaviour in a way that they reduce their driving speed. The objective of this review is to discuss the benefits of implementing DSFS in different settings, identify the most effective placement and messaging strategies, analyse the public perception and temporal effect of DSFS, and identify potential locations where this device can be further deployed. The study includes 44 studies, of which 35 are journal publications, three are conference proceedings and six are technical reports. The identified studies are divided into six categories based on their topic: (1) operational benefits of DSFS; (2) safety benefits of DSFS; (3) public perception of DSFS; (4) position of DSFS installation, message type and triggering; (5) temporal effect of DSFS; and 6) effect of vehicle type. The results of this study provide information on the use of DSFS and as such are valuable to road authorities and researchers.