Trophy hunting has potential to support conservation financing and contribute towards rural development. We conducted a systematic review of the Zimbabwean trophy hunting perspective spanning from pre-1890 to 2015, by examining the following: (1) evolution of legal instruments, administration, and governance of trophy hunting, (2) significance of trophy hunting in conservation financing and rural development, and (3) key challenges, emerging issues in trophy hunting industry, and future interventions. Our review shows that (i) there has been a constant evolution in the policies related to trophy hunting and conservation in Zimbabwe as driven by local and international needs; (ii) trophy hunting providing incentives for wildlife conservation (e.g., law enforcement and habitat protection) and rural communities' development. Emerging issues that may affect trophy hunting include illegal hunting, inadequate monitoring systems, and hunting bans. We conclude that trophy hunting is still relevant in wildlife conservation and rural communities' development especially in developing economies where conservation financing is inadequate due to fiscal constraints. We recommend the promotion of net conservation benefits for positive conservation efforts and use of wildlife conservation credits for the opportunity costs associated with reducing trophy hunting off-take levels and promoting nonconsumptive wildlife use options.