The study explores gig workers’ experiences within platform-based employment models and the socio-economic factors that might impact their experiences. As the gig economy is on the rise, gig workers’ arrangements are becoming more flexible and more facilitated via various online platforms, as well as within their respective industries. To gain a comprehensive understanding of the socioeconomic implications in which these gig workers face, a systematic literature review was conducted—along with the consolidation of four main databases to retrieve articles. Due to this a total of 39 papers were analyzed using thematic analysis. The challenges of unstable incomes, job insecurity and unfair labor rights, flexibility and autonomy, economic necessity, education, food insecurities, low barriers of entry and technological accessibility have made the work of gig workers more complex. Individually examining these dynamics allows our research to broaden the implications for workers, employers, and the economy. Insights gained could leverage strategies, policies and promote sustainable employment practices within the needs of gig workers with their respective platform-based employment models.