This paper reviews studies of buyer–supplier relationships published in four prominent U.S.-based academic journals between 1986 and 2005. Our review revealed that the focus of academic researchers on types of value being extracted from buyer–supplier relationships changed between 1986 and 2005, as did their interest in the buyer mechanisms implemented to create value in these relationships. Although emphasis has changed over time, we found that scholars have primarily investigated four types of value derived from buyer–suppler relationships: operational performance improvements, integration-based improvements, supplier capability-based improvements and financial performance outcomes. The review also noted that researchers considered more buyer–supplier mutual efforts since 1996 than the earlier decade, but the number of studies investigating buyer practices has declined as a percentage of total publications. We conclude with a discussion of the review's implications for future research and practice.