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A flexible manufacturing system (FMS) helps improve the system’s performance, thus increasing its overall competitiveness. FMS is an essential component of Industry 4.0 (I4.0), which has revolutionized the way firms manufacture their products. This study aims to investigate the diverse focus of the research being published over the years and the direction of scholarly work in applying FMSs in business and management.

A total of 1,096 bibliometric data were extracted from the Scopus database from the years 2001 to 2021. A systematic review and bibliometric analysis were performed on the data and related articles for performance measurement and scientific mapping on the FMS themes.

Based on co-keyword, the study reveals four major themes in the FMS field: mathematical models and quantitative techniques, scheduling and optimization techniques, cellular manufacturing and decision-making in FMSs. Based on bibliometric coupling on 2018–2021 bibliometric data, four themes emerged for future research: scheduling problems in FMS, manufacturing cell formation problem, interplay of FMS with other latest technologies and I4.0 and FMS.

The originality lies in answering the following research questions: What are the most highlighting themes in FMS, and how have they evolved over the past 20 years (2001–2021)? What topics have been at the forefront of research in FMS in the past five years (2016–2021)? What are the promising avenues of research in FMS?