This paper aims to present a literature review and an analysis of research works in the field of economic lot scheduling problem (ELSP) based on the related articles published since 1958. Because of ELSP complexity, there are a noticeable number of studies that use algorithms based on different approaches in order to deliver a feasible solution. Therefore, the contribution of this paper is to introduce a taxonomic classification based on scheduling policies and solving methodologies proposed by authors. Also, a simple data analysis is carried out to understand the evolution of ELSP and to identify potential research areas for further studies. The results show that there is an increasing trend in this topic but there are still much needs from industrial manufacturing systems. This study is expected to provide a comprehensive list of references for other researchers, who are interested in ELSP research.