Supply Chain Management (SCM) consists of handling and optimizing all the facets of the supply chain process of goods and services. Modern SCM is reaping the benefits from the emerging and growing Internet of Things (IoT) field. IoT technology can automate and digitalize the supply chain processes to get maximum operational efficiencies by reducing operating costs. The mass proliferation of IoT devices has revolutionized supply chains. IoT devices in the supply chain process track and trace shipments using the latest real-time monitoring technologies, including GPS. IoT devices are also used for asset management using NFC technology and RFID tags. Overall, IoT devices are used in almost every stage of the supply chain process. Research on IoT-based SCM is still in the growing phase. A lot of technical work is currently being published on IoT-based SCM, but a few Systematic Literature Reviews (SLRs) have been found for IoT-based SCM. The holistic view of IoT-based SCM with detailed analysis is still not reported in any review. This paper addresses this knowledge gap by presenting an SLR on IoT-based SCM with a detailed analysis of IoT-based SCM from 2018 to 2022. This review covers the aspects of IoT-based SCM, such as application domains, technologies, sensors, and devices used to implement IoT-based SCM systems. The SLR findings will assist future researchers and practitioners interested in IoT-based SCM by offering an in-depth study of the literature on IoT-based SCM, including helpful insights on challenges, benefits, and economic and business implications.