The Value Stream Mapping (VSM) is one of the Lean Production tools that has been widely discussed in the literature for mapping production processes and services with a focus on reduction of waste and non-value added time. Despite the growing number of publications on the subject, the academic literature reveals the absence of systematic research to present the state of the art. Thus, this dissertation, through a systematic and thorough review of the literature, aims to gather information on the VSM to identify its main characteristics, trends and opportunities for new developments and future research. The review includes 263 abstracts and 91 articles selected for review and classification. The study proposes a synthesis in the form of framework, presenting as VSM is adopted in certain contexts and motivations, tracing a better understanding of how the tool is implemented and their outputs and outcomes that can be generated. It was noticed that the VSM is rapidly spreading to the service sector, especially health care and logistics. However, studies have reported that the implementation of the VSM in practice is a time consuming process. Problems related to resistance in improvements involving changes in the workforce and demand for limited internal resources, have stimulated some researchers to question the use of the tool. This dissertation contributes to a better understanding of the topic and provides directions for future research and VSM practices.