Purpose As a global pandemic of historically significant scale, COVID-19 and its impact on global business activities have gained significant scholarly attention in the international business (IB) domain. This study aims to review and consolidate the IB research findings on the COVID-19 crisis, considering both the literature on the dark and bright repercussions for firms. Design/methodology/approach The authors systematically reviewed and synthesized a sample of 87 scholarly articles published in major IB journals from 2019 to 2022. Findings This review paper highlights the important domains – including global value chains, digitalization and varieties of functional areas – that have been substantially affected due to the widespread disruptions caused by the pandemic. This study also discusses future avenues for extending the work on the dark and bright sides of crisis management. Originality/value Applying the overarching concept of the bright and dark sides of the COVID-19 pandemic, the authors developed a framework that highlights the important knowledge gaps and points to future research directions. This review also suggests the salient methodological and contextual avenues potentially suited for future IB research on the pandemic and similar crises.