Variable speed limits (VSL) is an emerging ITS tool, which can help to improve safety and efficiency of motorway systems through a better harmonization of traffic flow. It can reduce variation in speed of vehicles travelling along the controlled section. The implementation of VSL encourages a uniform driving behaviour and thus resulting in a better distribution of traffic over the motorway network, and better utilization of the road infrastructure. The primary objective of motorway traffic management is to improve mobility benefits of motorways under acceptable safety standards; this is also the main purpose of applying VSL. This paper reviews the existing VSL methods from view points of safety and mobility gains or losses due to VSL on motorway systems. A systematic review of the literature of empirical as well as simulation-based studies is presented.