Despite the increased number of SME adopters of information communication technology for their business, there are limited studies that address the factors affecting SME’s adoption decision. Especially, a theoretical perspective on E-business adoption model for SMEs is required to understand better the SME’s complex adoption decision and, in turn, to provide a realistic means of guidelines for other SME’s for their adoption decision. Thus, the goal of this study is three-fold: i) to review key literature of the factors affecting SME’s adoption decision and then summarize major determinants of key dimensions with definition and literature sources, ii) to propose a theoretical framework of e-business adoption, and iii) to provide an insightful discussion on the driving factors and barriers of the e-business adoption decision by SMEs.