Purpose –This paper is a review of the theoretical literature of cash holding. Design/methodology/approach – A sample of 48 articles was published from 1934 to 2020 in the Scopus database using “cash holding theory". Findings – Although numerous studies have examined various issues of cash holding, they have produced mixed and inconclusive results. Research limitations/implications – As with any review paper, as any new research is published, the current article will become less recent, and there is also a major limitation of some papers being excluded. Originality/value – The paper will also give the reader Important research facts on the topic of cash holding.