The Fourth Industrial Revolution (IR4.0) is a digital revolution that not only focuses on the manufacturing industry, but also involves all sectors including the service industry. The readiness of the industry players and their implementations of these technologies will be able to boost productivity growth through creating, adopting, and integrating technological solutions into the workforce and industries. A review of the literature reveals that industry readiness for IR4.0 particularly in Malaysia is still at a low to medium level. The objective of this paper is to review the understanding of IR4.0 readiness models discussed in the literature, the factors driving and inhibiting IR4.0 readiness, and the use of a evaluation tools for industry players to assess their IR4.0 readiness level. The study found that readiness models are commonly discussed and framed around several theories and their theoretical constructs such as Acceptance Theory, Information System (IS) Success Models, and relevant readiness and maturity theories. There are a few factors either driving or inhibiting IR4.0 readiness and these factors are funding, infrastructure, regulatory, skills and competency, technology, and commitment from the leadership. Based on the synthesized literature, this paper proposes the IR4.0 Readiness and Implementation Framework for industry. The framework aims to guide industry players to take a stage approach in implementing IR4.0 and move up their IR4.0 readiness levels progressively.