This study provides a comprehensive overview of greenwashing research in business and management, focusing on its conceptual and theoretical foundations. Through a systematic literature review of 97 peer-reviewed articles from Scopus and Web of Science, we use bibliometric analysis to map the evolution of greenwashing studies and network analysis and identify four thematic clusters: (1) symbolic management and CSR communication, (2) environmental regulations and institutional complexity, (3) performance and sustainable practices, and (4) marketing, perception, and trust. Additionally, we perform a full-text analysis to map the theoretical frameworks employed across these clusters, revealing the dominance of macro-level theories (e.g., legitimacy, institutional, and stakeholder theories) and their cross-level interactions with meso- and micro-level approaches. By developing a multi-level theoretical framework, we provide a structured approach to understanding greenwashing across different analytical layers. Then, focusing on the theories used to investigate greenwashing, we identify some avenues for future research. This study has practical implications for understanding how greenwashing affects corporate governance, financial performance, and stakeholder trust, providing insights for enhancing transparency and accountability in sustainable business practices.