The aim of this article is to analyse the "Third Mission" (TM) of universities within Nordic countries and universities approach to implementing the mission into their strategy. The main activities that Nordic universities relate to the Third Mission are examined and policy implications drawn. Furthermore, gaps in literature are outlined that imply possible future research. The systematic literature review outlines 35 articles in the period from 2000 to 2018. Qualitative case studies have been the main research method so far, and about half of the research at Nordic universities has been conducted in Sweden. Most research has focused on commercial aspects of the Third Mission, but neglected social components and indirect, less visible activities such as popular-science publications or participation in policymaking. Little research regarding TM has been conducted in humanities or social sciences. For future research, more cross-national studies are needed, as well as research with a mixed-method research design.