Organizational ambidexterity—defined as an organization’s capacity to simultaneously explore new opportunities while exploiting existing competencies—has emerged as a pivotal construct in strategic management, innovation, and organizational theory. Initially conceptualized through the lens of March's (1991) seminal work on exploration and exploitation, the domain has significantly expanded, encompassing various theoretical, methodological, and practical dimensions. This review critically traces the evolution of organizational ambidexterity from its conceptual inception to its contemporary empirical applications. The paper synthesizes core theoretical frameworks such as structural, contextual, and sequential ambidexterity (O’Reilly & Tushman, 2004; Gibson & Birkinshaw, 2004) and highlights the antecedents, measurement models, moderating mechanisms, and performance implications. Despite an expanding body of literature, notable gaps persist in terms of empirical measurement consistency, sectoral applications, and understanding of multilevel dynamics. The paper concludes with a research agenda advocating for interdisciplinary integration, longitudinal studies, and contextual tailoring, especially in emerging economies and public sector contexts.