Since ancient Greece, major and minor modes in Western tonal music have been identified as the primary responsible musical feature for eliciting emotional states. The underlying correlates of the major-minor mode dichotomy in music perception have been extensively investigated through decades of psychological and neuroscientific research. This comprehensive systematic review aims to synthesise the literature on musical mode perception and its behavioural and physiological correlates. The qualitative synthesis resulted in 70 studies, showing great diversity in how the major-minor dichotomy has been empirically approached. Most studies were conducted on adults, considered participants' expertise, employed real-life musical stimuli, performed behavioural evaluations, and were published from 2010 onwards. Based on our findings, a framework to describe a Major-Minor Mode(l) of music perception and its behavioural and physiological correlates is proposed, incorporating individual factors such as age, expertise, cultural background, and emotional disorders. Limitations, implications, and suggestions for future research are discussed, including putative clinical applications of major-minor perception and best practices regarding stimulation paradigms for musical mode investigation.