Media richness theory was developed in the mid‐1980s in the field of business management and became very popular along with the diffusion of electronic communication media. Despite the popularity, inconsistent results from empirical studies have been the issues with this theory. In addition, the recent advanced communication technology has been raising more challenges towards the original concepts. Thus, we have reviewed the literature in the past decade to illustrate diverse applications and validity of the theory with more recent communication channels. Based on the findings we have also discussed a future of media richness theory.