AbstractPlatform cooperatives, namely, businesses that sell goods or services primarily through a website, mobile app, or protocol and commit to the principles of democratic governance and shared ownership, have lately been proposed as a more sustainable, equitable and, under certain conditions, even efficient alternative to the organizational model of commercial platforms. Accordingly, they have been presented as economic institutions capable of involving all their relevant stakeholders in an extended and inclusive governance structure. Nevertheless, this emerging literature is still characterized by the lack of a holistic and analytic framework connecting the dispersed studies on the topic through the lens of stakeholder theory and detailing strategic complementarities between these different stakeholders. Related to this point, while dealing with the competitive advantages and challenges of platform cooperatives, little reference has been made to the existing debate in governance theory about the advantages and challenges of cooperative firms as compared to capitalist ones. These research gaps motivated our literature review, which is the first comprehensive systematic review specifically focused on this topic. Given the still‐emerging character of the research object, our work also makes way for future updates as new contributions are gradually published.