Vocational education and training (VET), famous for the combination of theoretical study and apprentice, has been one of the most universal education forms all over the world. Debates on whether VET is beneficial in general have become commonplace amongst economists, educators, and policymakers. In this article, I perform a systematic review to summarize the impacts of VET mentioned in the existing literature and propose some new aspects for policymakers and future researchers to consider. After reviewing 48 articles characterizing VET’s impacts in around 20 different countries from 1950 till now, I find from the perspective of individual growth, VET can help graduates to get ready for a job, but their occupational mobility is limited. In the aspect of national development, there is no debate that VET can make some contributions to increasing the youth employment rate, helping with poverty reduction as well as post-war rebuilding. These impacts could further lead to higher social mobility but may also exacerbate gender inequality. Besides, there exist debates on whether VET can help individuals to earn more and whether VET can increase a country’s economic growth rate. Hence, policymakers should consider the target beneficiaries as well as the nation’s economic conditions and development stage while making policies regarding VET.