Existing research suggests that Material Flow Cost Accounting (MFCA) has led to significant environmental and economic advantages, with the private sector dominating MFCA-related research and case studies. The main objective of this study is to enhance the understanding of MFCA implementation through a systematic review of existing literature. The study employed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to scrutinize articles from peer-reviewed journals. Relevant studies were meticulously selected and evaluated based on specific inclusion and exclusion criteria. The chosen keywords were restricted to “Material Flow Cost Accounting (MFCA),” “material flow cost accounting,” and “MFCA,” which were then utilized for searches on databases such as Scopus and Google Scholar. An initial keyword search conducted for studies published between 2010 and 2024 resulted in a total of 505 publications. The search focus was refined by selecting articles as the preferred publication type, which led to 348 remaining articles. Further filtering based on subject relevance resulted in the exclusion of 270 articles, leaving 78 records. Non-English publications were excluded, resulting in 72 English language articles for consideration. Additionally, a filter was applied to only include articles related to MFCA/Material flow cost accounting published after 2014, which excluded 54 articles. The decision to use the year 2014 as a cut-off point was made to ensure the relevance and currency of the study. Results highlighted the advantages of incorporating MFCA, including increased transparency in cost management, improved decision-making capabilities, and a boost in environmental sustainability practices. The findings collectively suggest that organizations can benefit significantly from adopting MFCA to optimize their material utilization and lower operational costs. Scholars highlighted the need for further research to explore the long-term effects of incorporating MFCA on sustainability efforts and financial performance across various industries. This highlights the ongoing need to explore and understand the potential long-term benefits of MFCA adoption in different organizational settings. This study presents a research agenda for MFCA tools to support the sustainable growth of municipalities, economies, and societies. Practitioners may find value in this paper by exploring additional areas where MFCA could be applied in their specific sectors and in making decisions about reducing process waste.