Although the literature on celebrity endorsement is abundant and complex, few studies have provided a review of this issue. Our article thus seeks to complement this dearth of studies by presenting a critical, prospective, and innovative review on the celebrity endorsement literature. Paying special attention to current management practices, we will first build on the concepts of endorsement and celebrity. Second, we will focus on the mechanisms of the effectiveness of celebrity endorsement and highlight their limitations. We will also propose a theoretical framework which suggests that considering consumers’ relationships with both the brand and the celebrity may provide complementary information on the effects of celebrity endorsement. Finally, we will broaden the traditional view of the usual effects of endorsement by analyzing its consequences for both the celebrity and the consumer. Through this article, we hope to help build upon existing scholarship and reinvigorate the academic vision of celebrity endorsement.