Higher education institutions actively pursue transnational strategic alliances at the organizational level, but what are the rationales, pathways and benefits behind this pursuit? A systematic literature review in the Web of Science and Scopus reveals the majority of studies touching on this topic are descriptive, lacking definitions and theoretical underpinnings, with the word 'strategy' used in a generic, redundant or implicit manner. None of the 72 studies identified in this research takes a combined approach to considering the "why", the "how" and the benefits derived from pursuing such alliances. This is necessary to explore the rationales and interconnected mechanisms that lead to strategic pathways, and to address the interplay between approaches taken and benefits derived. In addition to identifying a research agenda, this literature review points to the need for more comprehensive and theoretically grounded studies to support this emerging research area and evidence-based decision-making by policy-makers and senior leadership.