The influence of mortality salience (MS) on consumer behavior has been well‐established over the last 25 years. However, research findings have provided divergent insights with regard to the direction of its outcomes. This article provides a systematic review of the extant research stream thereby revealing how the differences are primarily due to the conceptualization and operationalization of MS. Based on a conceptual revision of MS, we suggest an extended definition of the concept. An extensive overview of empirical findings, together with a holistic presentation of influential factors, offers a foundation for further MS studies conducted in a consumer behavior context, concluding with an extensive research agenda.