The strategic importance of corporate restructuring is increasing due to rapid changes in the business environment. This paper critically reviews existing studies on corporate restructuring related to business restructuring or organizational restructuring conducted up to the present and offers implications for future research. Specifically, the paper classifies existing research into two streams: (i) studies on the antecedent factors that lead firms to undertake restructuring, and (ii) studies on the relationship between the pursuit of restructuring and the firm's business performance. For each research stream, the main content, characteristics, and limitations are organized and discussed. Based on this review, the paper presents implications that can be helpful for conducting meaningful future research on corporate restructuring.