Several manuscripts are adopting knowledge-based dynamic capabilities (KBDCs) as their main theoretical lens. However, these manuscripts lack consistent conceptualization and systematization of the construct. Consequently, the purpose of this study is to advance the understanding of KBDCs by – (a) clarifying the dominant concepts at the junction of knowledge management and dynamic capabilities domains, (b) identifying which emerging themes are gaining traction with KBDCs scholars, (c) demonstrating how the central thesis around KBDCs has evolved, and (d) explaining how can KBDCs scholars move towards finding a mutually agreed conceptualization of the field to advance empirical assessment.