Sustainability‐oriented collaboration, a heterogeneous set of formal interorganizational arrangements that vary considerably in size, membership, focus and functioning, but share the same interest in addressing sustainability challenges of public concern, is becoming a mainstay of corporate agenda setting. Yet, the more firms interact on social and environmental issues, the more the burdens and tensions of collaborating for sustainability become apparent. Research and practice increasingly question whether an alliance management capability (AMC) perspective can be adopted to explain variability in collaboration effectiveness. With the aim to investigate whether, and to what extent, existing sustainability‐oriented collaboration research integrates or challenges mainstream theory on AMC, we adopt a problematization method to unpack the root assumptions underlying the AMC construct. We find that self‐interest in economic value creation and capture, the need for homogeneity to favour knowledge accumulation and learning on alliance management, and predictable patterns of AMC deployment are consistently assumed by scholars to predict success in alliance management. Accordingly, we analyse AMC assumptions’ current integration in the study of sustainability‐oriented collaboration, conducting a systematic literature review on collaborative capabilities developed for, during and in response to sustainability challenges. In so doing, we identify what distinguishes sustainability‐oriented collaboration from mainstream strategic alliances and the related implications on the collaborative capabilities firms should develop and deploy when dealing with sustainability challenges. We elaborate on these and their implications for AMC constructs to provide a future research agenda, which integrates further theoretical perspectives and broadens the scope of existing ones.