Ecolabels can be a tool to promote and support more sustainable products, providing information that allows consumers to select products with better environmental performance. Ecolabels can help create ecological awareness around sustainable consumption, promote environmentally friendly attitudes, and contribute to responsible consumption habits. This article reviews the literature on willingness to pay for ecolabels on food products and identifies four main knowledge gaps: (1) the effect of variables that signal quality, safety, or health benefits on willingness to pay for ecolabels; (2) the impact of ecolabels on the environment from a regulatory point of view; (3) the lack of a measurement instrument that serves general application with various stakeholders; and (4) how ecolabels contribute to green innovation. Our results contribute to the literature and define and implement more efficient and effective public policies that facilitate communication between producers and consumers. Based on 31 articles selected and analyzed in a systematic literature review, we found that the variables related to consumers’ willingness to pay vary according to the level of education, income, age, marital status, family size, attitude, previous experience and knowledge, among others. We conclude that consumers are willing to pay more for environmentally sustainable products and that the ecolabel is particularly important in their choice.