Personalized and social commerce are becoming increasingly prevalent and are transforming how businesses operate and how consumers make choices. The primary goal of this paper is to review the existing literature relating to personalized and social commerce. To accomplish this goal, we first delineate and summarize the definitions of these two related concepts and highlight their intersections and differences. Second, we discuss the economics of personalized and social commerce by presenting the key economic frameworks used to analyze the welfare implications of these ecosystems, such as multi-sided platforms, intermediaries, social media, and other related marketplaces. We review distinct research streams encompassing perspectives from economics, marketing, management, information systems, sociology, and psychology. This paper bridges these distinct bodies of research in order to identify and systematize the evidence relating to the benefits and challenges of personalized and social commerce to both consumers and businesses. Finally, we identify existing limitations and gaps in the literature and discuss directions for future research.