Information systems (IS) and digital business strategies are increasingly focal to companies navigating the changing modes of working, collaborating and operating in various networked business settings. Dynamic capabilities (DCs) are often asserted as a key for companies’ attaining sustainable competitive advantage in turbulent and uncertain environments. However, the construct of DCs is utilized in multifarious ways and often researched primarily from a managerial perspective. This makes comprehensive, empirical study of DC development in organizations amorphous and difficult. To address this issue, based on a semi-structured literature review, this paper investigates how DCs are conceptualized in strategic IS literature. Further, the aim is to understand to what extent they have been studied empirically with a multilevel perspective. Firstly, the findings suggest terminology used in defining and explaining DCs is interlaced and tangled. Secondly, the findings point that the suspected gap in multilevel research on DCs within the IS field exists.