<p>The purpose of this paper is to systematically analyze the evolution and current trends of strategic capabilities literatures published during 1990–2023 in relation to firm performance and to contribute with current themes to the field of study. This study employed a systematic review mixed with three evaluative bibliometric methods: (1) keyword analysis to identify the research hotspots, (2) co-citation analysis of references to identify the evolution of strategic capabilities, and (3) bibliographic coupling analysis of documents to synthesize the current trends of the topic. Contributing to a better understanding of the role of strategic capabilities at the firm level, relying on several thematic clusters extracted from bibliometric analysis, the overall findings indicated that supply chain management, human resource management (HRM), management practices, information technology (IT), and learning competencies influence strategic capabilities effectiveness. The study also identified that strategic orientations—entrepreneurial, market, and learning orientations—and manufacturing strategies, such as lean and agile processes, are recognized as strategic capabilities exhibiting contingent impact on firms’ competitive performance. Furthermore, the review ascertained the importance of knowledge resources and their idiosyncratic alignment between market and non-market strategies and strategic capabilities driving distinctive performance outcomes. Additionally, a strategic capabilities map leading to better firm-level performance has been proposed, and future research themes are highlighted. This study is the first of its kind which applied blended systematic literature and bibliometric analysis to comprehensively track different bundles of knowledge resources which are behind superior performance across organizations. The study adds value to the scanty literature reviews available on this discipline.</p>