This study explores the evolution of venture capital (VC) research through a bibliometric analysis of 2,577 journal articles from 1972 to 2022, using Scopus, VOSviewer, and Biblioshiny. It identifies five key research clusters: private equity and IPOs, entrepreneurship, innovation, human capital, and institutional factors. Highly cited works highlight VC’s impact on firm performance, governance, and innovation. Emerging themes include syndication, decision-making dynamics, globalization, and sectoral shifts like biotech. Grounded in agency, human capital, and institutional theories, this study provides insights for researchers, investors, and policymakers, while also suggesting broader future research directions.