The proliferation of ridesourcing services has raised both hopes and concerns about their role in cities. The impacts of ridesourcing services are complex and multi-faceted. Through reviewing the literature, this study aims to identify the social, economic, and environmental impacts of these services and highlight opportunities and challenges that lay ahead of them for resolving issues related to urban transportation. According to the results, ridesourcing services offer safe modes of transport that provide convenient mobility options, improve transit availability in disadvantaged and remote areas, and respond to taxi demand fluctuations. They can create new job opportunities by employing new human resources that have not been used before, provide flexible working hours for drivers, and are more efficient than taxi cabs. These services provide other opportunities to extend or complement public transit, reduce car ownership and congestion, and minimize parking supply. However, they are criticized for unfair competition with traditional taxis, limited compliance with social legislation, and lack of affordability. They are not available in all places and exclude some vulnerable and socially disadvantaged groups. Labor rights are not secure in this industry, and driver income is not stable. Finally, there is also evidence showing that, in some cases, they contribute to the growth of VMT, energy use, greenhouse gas emissions, and congestion in cities.