Rebound effects capture how efficiency improvements in resource or energy use tend to simultaneously increase demand offsetting the expected savings of such strategies. While they raise major questions around the possibility of win-win strategies, through which businesses can simultaneously address environmental degradation and improve their financial performance, we find that the topic is at present disconnected from management research. To overcome this state of the literature, this article develops a systematic literature review on rebound effects and provides a research agenda for a managerial perspective on the phenomenon. Concretely, we trace the origins of the concept in energy economics and document its progressive conceptual and empirical diversification. We then propose a research agenda suggesting three conceptual shifts, pertaining to the what, why, and how of rebound studies, to increase the concept’s managerial relevance.