Responding to the turbulent marketing environment, firms are enthusiastic about launching upgraded products to maintain their competitiveness. At the same time, consumers are addicted to upgrading their products in pursuit of their desirable state. Both the launch of upgraded products and consumers’ upgrading behavior are common phenomena, but there is a gap in the knowledge regarding product upgrades from the consumer perspective. Therefore, this paper integrates literature on this area. First, it illustrates the relation between upgraded products and product upgrade behavior. Second, it elaborates on four theoretical foundations underlying product upgrades from the consumer perspective, i.e., benefit-cost trade-offs, mental accounting, comparison neglect, and self-brand connection. Third, it summarizes related literature and refines three relevant topics: consumer value judgment of upgraded products, influencing factors of consumer product upgrades, and impact of upgraded products on consumers. Fourth, it identifies four future research directions for product upgrades, including value judgment of upgraded products, influencing factors of consumer product upgrades, effect of consumer product upgrades, and impact of upgraded products on consumers. This paper aims to provide a clear research framework on product upgrades from the consumer perspective, and offer a new avenue for future research. Additionally, it yields valuable insights for firms to optimize their marketing strategies on upgraded products.