As one of the most critical concepts in tourism research, destination image has been discussed for several decades. This study examines the theoretical foundation of destination image and the interrelationships between destination image and other factors by reviewing 74 articles published in the three journals from the highest-impact journal category in tourism from 2000 to 2020. It aims to provide a comprehensive overview of destination image studies, including the theoretical foundation of destination image, the image formation process, and the effect on tourist behavior and destination branding. This study also concerns the changes in destination image formation brought about by user-generated content. Content analysis of the examined articles from both tourists’ and Destination Management Organizations’ (DMO) perspectives shows that tourist-centric studies generally focus on how destination image influence tourists’ decision making process, whereas DMO-related studies have concentrated closely on marketing strategies, such destination branding and promotion. This study contributes to academia and industry by identifying research voids in extant research and by providing an up-to-date view of destination image studies.