ABSTRACT This paper addresses persistent gaps in distrust scholarship by systematically reviewing studies published from 1998 to 2024. We refine distrust as a construct distinct from trust, mistrust, and suspicion, shaped by unique cognitive, emotional, and behavioral mechanisms. Substantial evidence supports that distrust is not merely the absence of trust but an independent phenomenon. Our review synthesizes research on how distrust emerges, escalates, and spills over across market settings. We develop a comprehensive model illustrating key themes and propositions at individual, dyadic, organizational, and systemic levels. This analysis reveals the complex antecedents of distrust, its varied influences on decision‐making and market interactions, and the measurement challenges arising from conflating distrust with low trust. By offering a unified framework, this review promotes the theoretical integration of distrust and offers practical guidance for mitigating its impact.