Rapid development of Immersive Virtual Reality (VR) is transforming management education from traditional methods, like lectures, to vivid, interactive learning settings. VR engages students on cognitive, behavioral, and emotional levels through simulation of realistic business situations, enhancing motivation and enabling critical skill development in decision-making, leadership, and communication. It allows for customized and inclusive learning experiences, hence democratizing experiential learning across the globe. This systematic literature review synthesizes current trends and challenges in VR-based management education, highlighting prominent themes of immersion, retention of skill, skill acquisition, presence, and inclusivity. The findings offer critical information to educators and institutions in developing scalable and efficient VR-enabled management education strategies, with the ultimate goal of preparing students with proper engagement and practical preparedness to meet the complexities of the real world.