This paper undertakes a review and classification of the mobile business (m-business) theme of mobile computing research, with the intention of identifying the dominant issues and conceptual approaches to existing research. It consists of 100 articles published between 2005 and 2012 in a diverse journals focused on information systems, business, and development. The papers are reviewed under the subcategories of Mobile Business Applications/Services; Economics, Strategy and Business Models; and Consumer Acceptance/Adoption. In terms of issues, the review shows a concentration of research on firm-level adoption of mobile technology within first subcategory, whilst mobile business analysis, capturing customer value and responses to competition dominates the second subcategory. Determinants of consumer adoption of mobiles dominate the third subcategory. Similarly, technology adoption models like TAM and UTAUT dominate the conceptual approaches to m-business. There is much room for studies into the strategies adopted by firms to create value for consumers and to sustain the value creation process in response to consumer demands and advances in mobile technologies and applications. The review serves as a useful research synthesis and is excellent for future research on mobile business based on the gaps we have identified.