The paper aims to provide a comprehensive understanding of the evolution of the research themes and trends in e-commerce research based on the co-word analysis. 17,417 keywords were collected from 3,289 academic articles published in the selected seven leading journals in the field of e-commerce from 2001 to 2020 to examine the core research themes and trends over the two-time spans of years 2001-2010 and 2011-2022. Some research themes have kept their continuity in 20 years, indicating that the research themes in the e-commerce research have maintained temporal continuity. At the same time, the research themes in the e-commerce field have evolved with technology development and diffusion. This research provides useful suggestions for the future research direction for scholars in the e-commerce field.