Corporate Sustainability (CS) referred to fulfilling the needs of a firm’s stakeholders without compromising their ability to meet the future needs. By the end of 20th century the social circles turned their attention towards the issue of CS after the realization of environmental degradation due to industrialization and developmental processes. Specifically, in the last decade, lot of debate has been done on this subject. But still there are many ambiguities found in prior studies regarding its conceptual understanding. Therefore, the aim of this study is to perform an extensive review of the literature of CS in order to address these ambiguities. Firstly, we discussed the definitions of corporate sustainability and their base theories. Secondly, the conceptual differences are presented among the concepts of CSR and CS that were interchangeably used in prior studies. Lastly, potential gaps in the literature of CS are identified for prospective research.