With the advance of 5G communication technologies and Internet+ strategy, mobile commerce has experienced rapid growth and needs urgent attention from researchers. It is the aim of this article to analyze the literature on mobile commerce to address the following question: With the wide application of artificial intelligence and big data, what are the latest technology, models and problems in the background of the new era that researchers and practitioners need to understand in order to grasp the research frontier in this field quickly? Therefore, to achieve these objectives, this paper reviews 1130 m-commerce articles with 25,502 associated references from the SCI-EXPANDED, SSCI, CPCI-S, CPCI-SSH database and develops a framework of m-commerce value by analyzing the most influential authors, institutions, countries, journals and keywords in m-commerce. We apply three types of knowledge mapping to our study—cluster view, timezone view and timeline view. Frequency statistics, clustering coefficient as well as centrality calculation are employed to analyze by CiteSpace. We use the strength of citation bursts to analyze keywords and put result into the I-Modelwhich provide an important framework for classifying m-commerce activities and theories. In this study, we explore the knowledge structure, development and the future trend of mobile commerce for researchers. We identify the main technology and models to improve customer satisfaction and adoption behavior in the background of the new era which provide decision support for practitioners. Compared with the existing literature reviews of mobile commerce, we make a set of knowledge maps to show the future trend of mobile commerce and analyze visual results based on I-model. It is the first study to present the major clusters to reveal their associated intellectual bases and research fronts.