This article offers a state‐of‐art review of previous research in the field of sharing economy. It explores the definitional dilemma and presents the research field of sharing economy as a contested one. In an attempt to contribute to the numerous efforts of ordering, summarizing and characterizing sharing economy, the article further unpacks the debates driving the emergent sharing economy field. First, it is a debate on the role and place of ICT and platform technologies in sharing economy. Second, the article explores the role and place of economic interest in sharing economy, placing the empirical reality of sharing economy along a broad spectrum from for‐profit enterprises to non‐profit community sharing projects. Third, the paper analyses the question of ownership and its transfer in sharing economy, exploring its positioning vis‐à‐vis gift economy, and short‐term renting and lending. It further analyses relationships between stakeholders (private individuals and business actors) participating in sharing economy, presents the overview of literature on the three transactional models in sharing economy, Business to Consumer (B2C), Business to Business (B2B), and Peer to Peer (P2P). Finally, the paper suggests future research avenues. This study highlights the lack of research looking at sharing outside of the purview of market exchange. It is suggested that the definition of sharing economy and research in the field should focus on P2P activities. Furthermore, it is suggested that the configuration of the sharing economy should be understood from a field perspective. Field‐level studies of issues that bring together various actors in debates on sharing economy should allow for understanding further development of sharing economy.