This systematic literature review is performed to know about how entrepreneurial orientation (EO) literature is developing in relation to the intellectual capital (IC) and what is the literature’s main focus. The two clusters identified are, variables that are studied in connection with SMEs and large firms and the second cluster identified is the research works in which individuals’ entrepreneurial orientation behavior is studied i.e. through questionnaires the owners of very small businesses, such as restaurants, young graduated entrepreneurs. Most of the studies show that there is a significant positive relationship between IC and EO. This research study further shows that the IC and EO is not explored up to its full potential and there is room for a lot of research in the field. There is increasing trend seen in researches/ publications on the topic since year 2020. This study has implications for researchers, providing information on field’s progress and future research avenues. This study can also be helpful for training institutes, who train entrepreneurs and managers of large firms who are responsible for IC and EO management. The study can also be helpful for the public authorities in designing any policy for IC.