The uncertain employment environment and the transformation of social media technology have increasingly drawn the attention of practitioners to personal branding. However, theoretical research on personal branding is quite fragmented, and the academic community’s understanding of the connotations and mechanisms of personal branding is inconsistent. There is not only a lack of a unified definition of personal branding, but also no consensus on the mechanisms of personal branding, necessitating a systematic review of the literature related to personal branding. This paper explores the concept, shaping, and outcomes of personal branding from the perspective of the value delivery process. It examines the “producer” (individual), “product” (image), and “consumer” (audience) of personal branding, and proposes the concepts of self-branding and human branding through segmentation of individuals and audiences. From the perspective of value creation, value delivery, and value co-creation, this paper outlines the framework for shaping self-branding and human branding, and introduces related theories of the shaping of personal branding. It effectively distinguishes the potential impacts of personal branding based on categories and targets, and summarizes the elements of personal branding assets from the dimensions of individual, image, and audience. Finally, this paper provides an outlook for future research directions in personal branding from four aspects: new methods, new contexts, new perspectives, and spillover effects. The study contributes to the further improvement of brand management systems and has significant practical implications for different groups in shaping their personal brands.