With the acceleration of globalization and economic interdependence among countries, companies have faced internationalization processes in the international market, generating uncertainty about the strategies to be used by businesses, especially small and medium-sized, to operate in the international arena. Seeking to resolve this concern, this paper aims at performing an analytical review of the major issues in the internationalization of small and medium enterprises in the world. To fulfill this purpose, we analyze different studies in the European continent and Colombia. As a main conclusion, we propose that the Uppsala Processes theory remains as the internationalization theory most widely used by small businesses.