Industrial symbiosis (IS) is a collaborative environmental action whereby firms share or exchange by-products, materials, energy, or waste as a way to economically reduce aggregate environmental impact. Research in IS has flourished over the past two decades, and the time is ripe for a coherent review of organizational perspectives on the topic, particularly since the practice of IS is rife with difficulties often attributed to “social” factors. We review the organizational perspectives found in IS literature using a two-dimensional framework considering the antecedents, consequences, lubricants, and limiters of IS assessed through institutional, network/system, organizational, and individual levels of analysis. Our framework highlights what organizational perspectives have been adopted so far and also points to avenues of future scholarship of this unique phenomenon.