The purpose of this study is to summarize research on digitalization and emphasize how it affects financial performance. Additionally, applicable methodology from recent studies in a variety of domains is shown in this study. The state-of-the-art in digitalization research is described in this review article, which combines technology, finance, marketing, and innovation literature. In recent years, research on digitalization has expanded rapidly in a number of domains, employing both qualitative and quantitative techniques. The elements that affect an organization’s financial performance as a result of its digitalization—such as big data analytics, cloud computing, artificial intelligence, process automation, the Internet of Things (IoT), computer simulations, and online technology—have been the subject of more recent studies. Even if studies on digitalization have been more popular over the past five years, adding new dimensions and investigating qualitative methods remain fascinating areas of study. For academics who are unfamiliar with digitalization, this article provides an overview of how to explore the process. The article enhances the review of the impact of digitization on financial performance.