In this study, we reviewed papers from the 1970s to the present on the theory development of technology transfer (TT). Using the Web of Science search engine, we extracted more than 6,000 papers from the Institute for Scientific Information database. Then, we selected 367 highly related journal papers and analyzed them with self-developed software. We found that the TT studies focused on international technology diffusion in the 1970s and 1980s. In particular, these studies used economic models to study TT activities and their impact on economic development at the global, national, and corporate levels. In the 1990s, with the emergence of technology management studies, research on TT emphasized technological issues, such as knowledge management, science and technology (S&T) policy, intellectual property rights management, and TT agents. The TT model in the 2000s (networking type) was more complicated than that in the 1970s (linear type). We successfully analyzed two major research tracks in our study; namely, the "economic" and "management of technology" tracks. The findings from our study will help scholars continue their work in each track. Finally, we also present the notion that there is no "one size fits all" TT model. We believe this is an issue that will lead to further studies.