Business models are vital to companies’ success; to stay competitive, companies continuously adapt and innovate their business model. The conceptualisation of business models has received much attention from prior research and the focus of research is shifting from a static perspective to a more dynamic perspective. This research is a comprehensive and up-to-date literature analysis of the concept of dynamic business models. To achieve a systematic and objective penetration of the research field, we used a classification framework consisting of 15 evaluation dimensions. We identified the main research streams on the topic and present the most relevant approaches, such as system dynamics modelling. A total of 42 relevant literature sources were found. Finally, we highlighted gaps for future research, such as a need for more detailed analyses of the interdependencies between the components a business models consists of.