<p>Industry 4.0 represents a paradigm shift in manufacturing management, characterised by the integration of cyber-physical systems, the Internet of Things, and other advanced technologies into production processes. This transformation necessitates reevaluating manufacturing strategy to leverage these technologies for enhanced organisational performance. This paper presents a systematic literature review that examines the intersection of Industry 4.0 and manufacturing strategy, analysing the impact of Industry 4.0 technologies on competitive priorities and strategic decision areas within the manufacturing function. We analysed 33 articles sourced from Web of Science and Scopus databases, published between 2019 and 2024. The findings indicate that while the classic competitive priorities—cost, quality, delivery, and flexibility—remain central to manufacturing strategy, there is an increasing emphasis on emerging priorities such as innovativeness, service, and environmental sustainability. Furthermore, the paper introduces a conceptual framework that associates Industry 4.0 with manufacturing strategy, exploring how Industry 4.0 enabling technologies can be strategically implemented to achieve desired operational priorities. The study offers managerial implications, providing insights for decision-makers aiming to leverage digital transformation to optimise manufacturing outcomes. Additionally, a research agenda is proposed, highlighting the need for empirical validation across diverse industrial contexts. Overall, this study contributes to a deeper understanding of the evolving relationship between Industry 4.0 and manufacturing strategy, providing insights for both academics and practitioners navigating the challenges and opportunities of the fourth industrial era.</p>