The primary objective of this paper is to contribute to the existing literature by comprehensively reviewing the development, definitions and concepts of technology and technology transfer based on a literature review conducted on these wide research areas. This review covers various definitions and dimensions of both technology and technology transfer from the early technology concept i.e. from the development of Solow’s (1957) growth model up to Maskus’s (2003) definition and concept of technology and technology transfer. While the term ‘technology’ itself is difficult to interpret, observe or evaluate, as argued by many scholars, this review attempts to provide in-depth discussion and enhance understanding on these concepts from various perspectives, research background and disciplines. This review could shed some dynamic ideas for future researchers to further identify, conceptualize and understand the underlying theories and perspectives which strongly influence the previous, current and future concept of technology transfer.