Although the first educational applications of the "funds of knowledge" (FoK) concept were carried out in the late 1980s, there have been numerous developments and proposals since then, many of which have been made within the last few years. It continues to be, therefore, a valid, cutting-edge educational approach; one which seeks to overcome the lingering deficit perspective in education, by improving relationships between families and schools, and by designing culturally sensitive and contextualized curricular activities. In this review, we have identified 92 peer-reviewed publications relating to FoK in the ERIC database, dating from between 2011 and 2015. In this review, we aim to provide a summary of this literature and identify potential key trends, tensions, extensions and issues concerning current applications of the FoK approach. A number of contributions for teacher candidates and teacher professional development derived from the literature review are also suggested.