This article review literature on ethical behavior to identify factors and variables which influences ethical behavior. This study is divided into theoretical and empirical studies and its relevance to theory. Identified variables are divided into individual factors, organizational and external factors. Variables under these factors are locus of control, achievement orientation, Machiavellianism as individual variable. Ethics training, code of ethics and rewarding system are organizational variable. Competition, influence of stakeholders and regulation system are external variables. These studies aim to find out the development of trends from seventies to two thousands fifteen in the studies of ethical behavior. This review provides insights to the future researchers who want to research related to ethical behavior. This review also helps professionals to understand ethical behavior in context of their organization to manage ethical aspects in to their organizations in a better way.