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This paper reviews the literature on perishable food cold-chain management (FCCM) in order to assess its current state, pinpoint its knowledge gaps, and suggest a framework for addressing the issues faced by this industry. This work examines 103 academic articles on the topic of the perishable food supply chain published in various journals between 2001 and 2022. Research publications were selected from two reputed databases—Scopus and Web of Science. The study finds that the current trend in FCCM is toward sustainable FCCM, which offers financial, ecological, and social benefits. However, sustainable FCC practices are more common in wealthy nations but are still lacking in developing countries. High lead times, costs, waste, order returns, complaints, and dissatisfied consumers are the results of a fragmented market and the associated proliferation of chain intermediates. The authors have also developed a conceptual framework based on the findings that illustrates the interconnected nature of the food cold-chain facilities, collaboration among food cold-chain (FCC) stakeholders, concern among FCC stakeholders, economic enhancement, fulfilment of FCC stakeholders’ responsibilities, and overall functioning of the FCC. This study may be helpful to FCC professionals, food regulators, government authorities, and researchers because it gives a concise picture of the state of research in the field.