This paper presents a systematic literature review of research on legacy in family business, identifying key themes and gaps in the literature. The review, based on 140 articles, addresses five overarching questions: (1) What is legacy? (2) Who sends and receives legacy? (3) Why is legacy sent and accepted/rejected? (4) How is legacy sent and received? and (5) In which contexts? The review finds that legacy is a complex concept with multiple dimensions, including social, material, and psychological aspects. It is often viewed as an asset that supports long-term decision-making and organizational continuity, but can also be a constraint that limits innovation and change. Legacy is sent by various actors, including founders, senior generations, and dominant coalitions, and received by the next generation, the organization, and other stakeholders. The motivations for sending and receiving legacy include identity maintenance, moral obligation, emotional attachment, and generativity. The review also highlights the importance of context, including family, industry, and country-level factors, in shaping legacy. The findings suggest that legacy is a paradox, simultaneously a resource and a constraint, and that future research should explore how legacy influences the present and future of family businesses. The review also identifies gaps in the literature, such as the limited focus on women and employees as legacy senders, and the need for more research on the role of legacy in non-family contexts. The study contributes to the family business literature by offering a unified process model that summarizes current knowledge on legacy and highlights areas for future research.This paper presents a systematic literature review of research on legacy in family business, identifying key themes and gaps in the literature. The review, based on 140 articles, addresses five overarching questions: (1) What is legacy? (2) Who sends and receives legacy? (3) Why is legacy sent and accepted/rejected? (4) How is legacy sent and received? and (5) In which contexts? The review finds that legacy is a complex concept with multiple dimensions, including social, material, and psychological aspects. It is often viewed as an asset that supports long-term decision-making and organizational continuity, but can also be a constraint that limits innovation and change. Legacy is sent by various actors, including founders, senior generations, and dominant coalitions, and received by the next generation, the organization, and other stakeholders. The motivations for sending and receiving legacy include identity maintenance, moral obligation, emotional attachment, and generativity. The review also highlights the importance of context, including family, industry, and country-level factors, in shaping legacy. The findings suggest that legacy is a paradox, simultaneously a resource and a constraint, and that future research should explore how legacy influences the present and future of family businesses. The review also identifies gaps in the literature, such as the limited focus on women and employees as legacy senders, and the need for more research on the role of legacy in non-family contexts. The study contributes to the family business literature by offering a unified process model that summarizes current knowledge on legacy and highlights areas for future research.