Women many times are presented in advertisements in an inferior manner relative to their potential and capabilities. At the same time, research indicates a shift towards more equal role portrayals compared to men. The purpose of this article is to analyze all the studies carried out between 2000 and 2021 regarding female stereotypes in advertising in the different periods of feminism: prefeminism, feminism, postfeminism, and the fourth wave of feminism. This study highlights the emergence of femvertising within the fourth wave of feminism, which seems to be the most recent mechanism to promote gender equality in advertising. Results emphasize four main research trends: gender stereotypes, consumer behaviour, sexualisation of women, and women empowerment in advertising. Qualitative methods and country-specific studies predominate in the articles examined. The most studied industry is apparel, and just a few articles collected data from the STEM industries. This systematic literature review is intended to form a helpful summary, suggest avenues for future research, and motivate practitioners to portray women and all marginalized groups in advertising accurately.